Optelecom-NKF Announces Reduction in Force

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Ocean Pwr.Tech.	LSE:OPTC	London	Ordinary Share		COM SHS USD0.001

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LSE:OPTC

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Optelecom-NKF Announces Reduction in Force

16/09/2009 9:00pm

PR Newswire (US)

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GERMANTOWN, Md., Sept. 16 /PRNewswire-FirstCall/ -- Optelecom-NKF, Inc. (NASDAQ:OPTC), a leading global supplier of advanced video surveillance solutions, today announced a reduction in force of 23 positions, both in the U.S. and in Europe as the result of a strategic review of its operations. "Earlier this year the impact of the recession prompted us to implement a number of measures to reduce costs without directly impacting employees," said Dave Patterson, Optelecom-NKF's president and CEO. "However, it's apparent that we need to identify additional cost savings as the economic downturn continues to affect order flow." The Company expects to record pre-tax charges of approximately $127,000 in connection with the reduction in force during the third quarter of 2009. Total cost savings are anticipated to be approximately $1.6 million in 2010. The reductions in force include employees, contract employees and open positions. "We're staying on top of the business and we're prepared to respond quickly to changing market conditions," Mr. Patterson continued. "We believe this cost saving action, the continued rollout of new award winning technologies, and the refinement of our sales structure positions us for the future." About Optelecom-NKF Optelecom-NKF, Inc. (NASDAQ:OPTC), manufacturer of Siqura advanced video surveillance solutions, provides a full range of cameras, video servers/codecs, network video recorders, fiber transmission equipment, video content analysis applications, and video management software based on an open technology platform that simplifies integration and installation. We deliver complete solutions for the Traffic Monitoring, Public Transport, Industrial and Commercial Security, and Government markets. Our systems are deployed by professionals at highway departments, airports, seaports, casinos, public transport authorities, hospitals, Investor inquiries should be directed to Mr. Rick Alpert at +1 301-948-7872. DATASOURCE: Optelecom-NKF CONTACT: Rick Alpert of Optelecom, +1-301-948-7872 Web Site: http://www.optelecom-nkf.com/

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