Advanced Remote Communication Solutions Inc. Announces Cost-Cutting Measures.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 29, 2002 Advanced Remote Communication Solutions Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BTRK) announced that, effective Aug. 23, 2002, it has reduced its work force by 15 employees (17 percent of its workforce). The company further stated that, effective Aug. 26, 2002, approximately 37 percent of its remaining workforce will have their salary reduced by 30 percent. Brandon Brandon, city, Canada Brandon, city (1991 pop. 38,567), SW Man., Canada, on the Assiniboine River. The business center of the wheat-raising area of SW Manitoba, Brandon has an extensive trade in farm products and machinery. Nixon, the company's chairman and chief executive officer, has volunteered to reduce his salary by 50 percent. "Based upon current economic conditions, we believe the actions we are announcing today are necessary and appropriate," said Nixon. "As much as we will miss the people affected by the layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding , it is important for us to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our expense structure with near-term near-term adj. Of, for, or involving a short period of time in the near future. revenue expectations. These measures will help but will not solve the entire problem. The company has built up a sizeable deficit over the last 18 months, and we must eliminate or reduce this deficit and balance the company's costs with its revenues to survive as a going concern. "Our management team is committed to finding solutions so we may emerge as a stronger company," Nixon said. "We are currently seeking additional capital from our existing investors, as well as exploring other available options." Legal Disclosure This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, those set forth in the risk factors in the company's most recent filings on Form 10-KSB or Form 10-QSB with the Securities and Exchange Commission. The company undertakes no obligation to release publicly any revisions to the forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this news release or to reflect the occurrence of unanticipated events. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion