PRT GROUP DENIES IT'S WINDING DOWN.

PRT Group Inc. (PRTG), the parent firm of computer software business PRT (Barbados) Ltd., brushed aside claims by former manager of the local operation that it was winding down its local operation, reports CANA (March 24, 2000):

"PRT remains committed to its Caribbean customers, partners and employees. We have a number of customers who rely on our Barbados facility and the employees there as a means to execute their companies strategic IT initiatives," said Dan Woodward, president/CEO of PRT, in a statement sent from Connecticut;

Four former local operations managers had said PRTG was scaling down its Barbados operation, moving the accounting, financing, administration and human resources operations to the U.S., and making senior and other staff redundant. Woodward said PRTG had reorganized all its operations, but only two positions out of 81 had been eliminated. Also, PRT has secured a proposal to receive up to US$10 million in additional equity capital from The Travelers Indemnity Co. and Tudor Investments Corp., he said.