Base Ten Restructures; Re-engineering of Key Processes.TRENTON, N.J.--(BW HealthWire)--Nov. 22, 1999-- Base Ten Systems, Inc. (NasdaqSC:BASEA BASEA Boston Area Solar Energy Association ) announced today restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its operations as part of management's new strategic plan. The move is consistent with the "rightsizing Selecting a computer system, whether micro, mini or mainframe, that best meets the needs of the application. " philosophy of the new leadership and is designed to improve the Company's cash flow going forward. The change involves reducing the number of employees and moving the clinical software group from Parsippany, NJ to the Trenton, NJ corporate headquarters. A smaller Parsippany office may be maintained short term. All changes are driven by the need for a tighter and more efficiently managed Company. A onetime restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. will be incurred of approximately $320,000. Stephen A. Cloughley, President and Chief Executive Officer commented, "We expect to realize cost reductions in excess of $3.0 million annually through implementation of this restructuring. Since this rightsizing was done in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with a re-engineering of key processes, through careful consultation with our US and EU managers, we are confident that this move will help us fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. customer needs better." He added, "I believe that, in one bold move, we have revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. the organization and positioned Base Ten to win an increasing share of new business in the coming months." About Base Ten Base Ten Systems is a software technology development company focused on manufacturing execution and clinical supply systems and services for the pharmaceutical, chemicals and medical products industries. Through installation of BASE10(R) software, the Company's customers around the world can enjoy more cost-effective regulatory compliance, improved manufacturing flexibility and reduced production cycle time. BASE10(R) solutions are readily integrated with complementary software partners as manufacturers consolidate their operations into global supply chain processes. Learn more about Base Ten Systems by visiting its web site at www.base10.com. 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. Regarding Base Ten Systems The foregoing contains "forward-looking information" within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements may be identified by such forward-looking terminology as "may," "will," "believe," "anticipate," "expect," or similar words or variations thereof. Such forward-looking statements involve certain significant risks and uncertainties. Important factors that Base Ten believes may cause actual results to differ materially from such forward-looking statements are discussed in the "Risk Factors," "Business" and "MD&A" sections of the Company's current S-3 registration statements and annual and quarterly reports on file with the Securities and Exchange Commission. Additional risk factors include the effectiveness of software and the ability of software to operate without "bugs" in the technology and acceptance of the release by customers and actual rollout. In assessing such forward-looking statements, investors are urged to read carefully those reports and other filings. Base Ten does not undertake to publicly update or revise its forward-looking statements, even if experience or future changes indicate that any such results or event (expressed or implied) will not be realized. |
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