Astrocom Announces a 50% Reduction in Work Force.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Feb. 14, 2002 Astrocom Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ATCC ATCC American Type Culture Collection, see there ) announced today that it has laid off six employees bringing its work force down to seven. "These layoffs were necessary in order to reduce expenses in light of the disappointing sales volume of the recently introduced PowerLink(TM) WAN aggregator and the longer than anticipated time required to raise additional funds via a private placement effort currently under way" said Ronald Thomas Ronald Richard Thomas (born March 1929) is a British Labour Party politician. On his second attempt, Thomas gained the marginal Bristol North West seat from the Conservatives in the October 1974 general election. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Astrocom. "Although the PowerLink(TM) has been performing very well in providing aggregated Wide Area Network (WAN) bandwidth and automatic fail-over service at the customer installations, the sales cycle has been extremely long and has resulted in a severe cash flow problem for the Company" said Mr. Thomas. Astrocom Corporation develops, manufactures, markets and services electronic devices, which address key areas of wide area data, voice and video communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . |
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