CrossKeys Implements Restructuring Plan.Business Editors OTTAWA--(BUSINESS WIRE)--Jan. 4, 2001 CrossKeys (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 :CKEY) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CKY CKY Camp Kill Yourself (band) CKY Conakry, Guinea - Conakry (Airport Code) ) announced today staff reductions as part of its plan to restructure the Company. CrossKeys announced on December 20, 2000, in conjunction with its second quarter results, the intention to reduce its workforce by 20 to 25 per cent. The reduction announced today is in line with this statement. After today's reduction, the company's staff complement stands at 250 worldwide. "I am confident that this action brings costs in line with the current market reality and strengthens the Company as it pursues its continuing business goals," says Ian McLaren, 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. , CrossKeys. CrossKeys workforce is now structured along business unit lines for CrossKeys Resolve(R) and CrossKeys Dyband(TM) software. As a result of this re-alignment, the number of vice-presidents has been reduced to four. CrossKeys is announcing the departure of the VP of Engineering, Ella Mar, and the VP of Sales, Hugh Brownlee. All those employees affected by the 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 have received severance packages, in addition to transition services and outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. support. CrossKeys continues to pursue its strategic goals as it meets customer needs and develops best-of-breed software, while identifying and evaluating strategic alternatives to enhance CrossKeys shareholder value. About CrossKeys Systems Corporation CrossKeys Systems Corporation (www.crosskeys.com) develops software that makes the Internet work for business. The world's largest and fastest growing service providers manage the equipment, traffic and service on their telecom networks with CrossKeys. CrossKeys Systems Corporation is a public company whose common shares are listed for trading on NASDAQ (CKEY) in the United States and on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (CKY) in Canada. CrossKeys, its logo and CrossKeys Resolve are registered trademarks and CrossKeys Dyband is a trademark of CrossKeys Systems Corporation. All other trademarks are the property of their respective holders and are acknowledged by CrossKeys Systems Corporation. |
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