Covista Communications, Inc. Announces New Business Initiatives and Actions To Improve Operating Efficiencies.Business Editors LITTLE FALLS Little Falls is the name of some places in the United States of America:
Covista Communications, 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 : CVST CVST Chinese Visiting Scholars in Toronto (Canada) ) announced today that it has initiated a reformulation of its business model which is projected to expand the business into new markets during the current fiscal year. Among the new business initiatives included in today's announcement are: identification of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Portland, Chicago, Dallas, Chattanooga and Orlando as new target regions for switch deployment; installation of three recently acquired Alcatel 600E Megahub Switches, and plans for redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of two other switches currently available to the Company; plans to open a 200-seat call center in Chattanooga to provide support for expanded nation-wide residential services; and initiation of negotiations toward securing the Company's bandwidth requirements Bandwidth requirements (communications) The channel bandwidths needed to transmit various types of signals, using various processing schemes. Every signal observed in practice can be expressed as a sum (discrete or over a frequency continuum) of sinusoidal for the long-term. In announcing these initiatives, John Leach, Covista's 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. , observed that "the survivors in today's highly competitive telecom industry are those companies that are flexible and able to adapt their business models, and to reallocate Verb 1. reallocate - allocate, distribute, or apportion anew; "Congressional seats are reapportioned on the basis of census data" reapportion allocate, apportion - distribute according to a plan or set apart for a special purpose; "I am allocating a loaf of resources as market conditions change." Mr. Leach stated that, "today's action marks the redefinition of `the New Covista' - from a Northeast regional provider of wholesale and commercial long-distance services, to a nation-wide provider of telecommunications, data and internet services to an enhanced commercial, residential and wholesale market." Mr. Leach added that the new growth plans should be funded substantially through the previously announced equity investment as well as projected cash flow from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . As part of the implementation of the new business model, Covista also announced today that it is eliminating the positions of approximately 15% of its headquarters staff in a move to improve operating efficiencies. The reduction, which is effective immediately, is focused upon corporate and administrative positions and is expected to result in operating cost reductions of approximately 8% in fiscal 2001. In addition, Covista will take a one-time charge of approximately $100,000 in the first quarter of its current fiscal year to reflect the costs associated with today's action. About Covista: Headquartered in Little Falls, New Jersey Little Falls is a Township in Passaic County, New Jersey, United States. As of the United States 2000 Census, the township population was 10,855. Little Falls was incorporated as a township by an Act of the New Jersey Legislature on April 2, 1868, from portions of , Covista Communications, Inc., is a facilities-based provider of voice, data and internet solutions to the commercial, residential and wholesale carrier markets. Covista offers domestic and international switched and dedicated communications solutions, providing businesses and residential customers with a range of competitively-priced state-of-the-art technologies and quality customer care. For more information about Covista and the products and services that it offers, please visit www.covistacom.com. Information Relating to Forward-Looking Statements: Certain matters discussed in this release are "forward-looking statements". These are subject to certain risks and uncertainties that could cause actual results to differ materially from such statements. The words "believe," "expect," "anticipate," "should" and similar expressions identify forward-looking statements. Similarly, statements which describe the Company's future plans, objectives or goals are also forward-looking statements. Shareholders, potential investors and other readers are cautioned not to place undue reliance upon such forward-looking statements, which speak only as of the date on which they are made. Covista Communications, Inc. undertakes no obligation to update publicly or revise any forward-looking statements to reflect subsequent events or circumstances. |
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