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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vers. Sys. Di | LSE:VVS | London | Ordinary Share | CA92531V1067 | COM SHS NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVVS Versatile Aligns Operations in Response to Market Conditions FOR: VERSATILE SYSTEMS INC. TSX VENTURE SYMBOL: VV AIM SYMBOL: VVS January 22, 2009 Versatile Aligns Operations in Response to Market Conditions Reduction in costs result in estimated annual savings of over U.S. $1.6 million VANCOUVER, CANADA--(Marketwire - Jan. 22, 2009) - Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today announced that it has implemented a series of cost reductions in light of the current economic climate. Versatile has reduced its workforce, focused research and development activities on core products, and redeployed research and development staff to the professional services group. These measures will result in estimated annual savings of approximately U.S. $1,670,000, which represents 12% of the Company's annualized expenses. The Company will continue to monitor its costs in relation to its revenues and changes within the economy. "We believe we have adopted a balanced approach in continuing to align our cost structures in light of the current economic environment," said John Hardy, Chairman and CEO of Versatile. "Nevertheless, we have also maintained our ability to pursue growth opportunities, which will enable us to generate long term profitability in a very challenging market environment." During the second quarter the Company received several substantial orders for its core products and services, from its existing customer base, including U.S. $1,066,567 from the University of Pittsburgh, U.S. $836,392 from Comcast and U.S. $717,048 from Tyco Electronics. About Versatile Versatile provides business solutions that enable companies to improve sales, marketing and distribution of their products. Versatile also provides information technology services for the implementation, maintenance and security of mission-critical computer environments. Versatile has the ability to architect solutions involving both proprietary and third party components. For more information: www.versatile.com. Forward-Looking Statements This document may contain forward-looking statements relating to Versatile's operations or to the environment in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond Versatile's control. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. (C) 2009 Versatile Systems Inc. All rights reserved. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Versatile Systems Inc. John Hardy Chairman and CEO 1-800-262-1633 International: 001-206-979-6760 OR Versatile Systems Inc. Fraser Atkinson CFO 1-800-262-1633 Website: www.versatile.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Versatile Systems Inc.
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