Bev-Tyme, Inc. Makes Announcement.BROOKLYN, N.Y.--(BUSINESS WIRE)--Feb. 6, 1998--Bev-Tyme, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BEVTP, BEVT, BEVTZ)(the "Company") announced that it has continued its efforts to reduce expenses by terminating several employees, including the Company's Vice President of Sales, William Swedelson. As a result of this action, the Company believes that it has reduced its anticipated payroll expenses for 1998 by approximately $200,000. Swedelson will remain as a Director of the Company. As part of its agreement to terminate Swedelson's employment agreement, the Company will make severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when payments to Swedelson in the amount of $36,154.28 during 1998. Bev-Tyme distributes and markets beverages, beers and snack items through its wholly-owned subsidiary, Mootch & Muck, Inc. in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metropolitan area. -0- Certain information contained in this press release is forward-looking. Actual results might differ materially from the 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. contained in this press release. CONTACT: Bev-Tyme Inc., Brooklyn Fred Sipper, 718/485-9222 |
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