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Aligns Operations in Response to Market Conditions
Jan 22, 2009 12:26AM
January 22, 2009
Versatile Aligns Operations in Response to Market Conditions
Reduction in costs result in estimated annual savings of over U.S. $1.6 million
VANCOUVER, CANADA--(Marketwire - Jan. 22, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today announced that it has implemented a series of cost reductions in light of the current economic climate.
Versatile has reduced its workforce, focused research and development activities on core products, and redeployed research and development staff to the professional services group. These measures will result in estimated annual savings of approximately U.S. $1,670,000, which represents 12% of the Company's annualized expenses. The Company will continue to monitor its costs in relation to its revenues and changes within the economy.
"We believe we have adopted a balanced approach in continuing to align our cost structures in light of the current economic environment," said John Hardy, Chairman and CEO of Versatile. "Nevertheless, we have also maintained our ability to pursue growth opportunities, which will enable us to generate long term profitability in a very challenging market environment."
During the second quarter the Company received several substantial orders for its core products and services, from its existing customer base, including U.S. $1,066,567 from the University of Pittsburgh, U.S. $836,392 from Comcast and U.S. $717,048 from Tyco Electronics.
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: www.versatile.com.