Company Institutes Cost Reduction Program to Reduce Operating Losses.PLAINVILLE, Mass--(BUSINESS WIRE)--Oct. 9, 1998--MediaLogic Inc, (Amex TST TST 1 Toxic shock toxin 2 Treadmill stress test, see there ), announced that it has instituted immediate measures to reduce costs and operating losses and improve cash flow. The Company has today implemented a layoff of nine employees, approximately 33% of its workforce. The layoffs will result in SG&A savings of approximately $400,000 annually and were made by the Company in starting a cost reduction program to enable it to focus on strategic revenue opportunities. Greg Scorziello, President and Chief Executive Officer said, "We are pursuing a number of key strategic sales opportunities which are essential to our future with a view to closing them in the current quarter." He added, "We have implemented a cost reduction program and have instituted a plan to concentrate on our core competencies of sales, marketing design and electronic assembly. We anticipate that mechanical component manufacturing will be sub-contracted out to a partner organization." MediaLogic continues to be confident that its Ionic i·on·ic adj. Of, containing, or involving an ion or ions. ionic pertaining to an ion or ions. ionic medication iontophoresis. Series Scalable Data Library System possesses the features to meet the changing needs of users of tape library products. MediaLogic wishes to take advantage of the "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. " provisions 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 with respect to statements that may be deemed forward-looking statements under the Act. Such forward looking statements may include, but are not limited to, statements regarding development and sales of the Company's tape library product line. The Company cautions that numerous factors could cause actual results to differ materially from any forward-looking statements made by the Company. MediaLogic does not fully satisfy all of the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. guidelines for continued listing and there is no assurance that this listing will be continued. About MediaLogic. MediaLogic Inc, founded in 1982, is a developer and manufacturer of innovative storage solutions which automate and simplify the centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. and security of business data. Located in Plainville, Massachusetts Plainville is a town in Norfolk County, Massachusetts, United States. The population was 7,683 at the 2000 census. It is formally a part of the Providence metropolitan area. , MediaLogic's headquarters can be reached at 508-695-2006, or http//www.medialogicinc.com. Company names and/or product names are acknowledged as being trademarks or registered trademarks of their respective holder |
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