C-bridge Announces Selected Workforce Reductions.Business/Technology Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 16, 2001 C-bridge Internet Solutions, 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 : CBIS CBIS Computer Based Information System CBIS Christian Brothers Investment Services CBIS Cincinnati Bell Information Systems CBIS Chinese Biodiversity Information System CBIS Certified Brain Injury Specialist ), announced today that it has undertaken a downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of its workforce in response to current market conditions for e-Business services. The downsizing is intended to better align C-bridge's professional expertise with client requirements resulting in a "right-sizing" of C-bridge's current professional mix. The company will reduce its workforce by 100 employees or approximately 14%. Of the one hundred, 86 are billable consultants. In connection with the workforce reduction, the Company will incur one-time costs of approximately $750,000 which will be recorded as a part of on-going first quarter 2001 operations and disclosed for comparative purposes. In addition, C-bridge announced that it will hold a conference call on Tuesday, January 16 at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the workforce reduction. This call is open to all parties. To participate in the conference call, please dial 1-800-403-0892 (Domestic) or 1-706-634-5166 (International). The call will be led by Joe Bellini, 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. ; Rick Wester CFO See Chief Financial Officer. , will also participate. A replay of the call will be available two hours after the completion by dialing 1-800-642-1687 (Domestic) or 1-706-645-9291 (International). The replay will be available until 5:00 p.m. EST Friday January 19, 2000. The replay conference ID number is 758739. An archived copy of this call will also be available on the Company's web site. If you need further information, please contact Jim Harper, Controller, at 617-528-1614 or e-mail investors@c-bridge.com. About C-bridge Founded in 1996 and based in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , C-bridge is a full-service provider of e-business solutions. C-bridge creates business value for clients through its experience-driven ability to diagnose and resolve business and technology issues, develop business and technology strategies, and deliver advanced Internet applications and e-business solutions. C-bridge also provides executive educational services to assist business leaders in successfully defining and implementing e-business transformation and collaboration. For more information on C-bridge, visit www.c-bridge.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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 This 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. within the meaning of Section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934, as amended. Statements beginning with such words as "believes", "intends", "plans", and "expects" and similar expressions include forward-looking statements that are based on management's expectations given facts as currently known by management. Actual results may differ materially from those discussed in these forward-looking statements. Factors that could cause the Company's future results to differ materially from the expectations described herein include, but are not limited to, the profitability of the Company's contracts, the Company's ability to retain existing clients and attract new clients, the Company's ability to hire, train, and retain qualified employees, the Company's ability to continue to develop effective sales and marketing capabilities, the Company's ability to keep pace with the Internet's rapid technological changes, evolving industry standards and changing client requirements, worldwide business use of the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises growth in the number of web access devices per user, the occurrence of any failure of the Internet, the continued improvement of security on the Internet, general economic and industry conditions, as well as other factors noted in the Company's Registration Statement on Form S-1 dated December 16, 1999, as filed with the Securities and Exchange Commission and in the Company's Annual Report on Form 10-K/A for the year ended December 31, 1999. C-bridge is a trademark of C-bridge Internet Solutions, Inc. All other trademarks are the property of their respective owners. EDITORS' NOTE: This and other information about C-bridge is available on the company Web site (www.c-bridge.com), by calling 617.497.1707 or by e-mailing info@c-bridge.com |
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