BURNABY, BC, April 19 /CNW/ - Day4 Energy Inc. (TSX: DFE) a leading
global provider of solar photovoltaic (PV) products and solutions,
today announced the company has implemented a reduction in its overall
headcount affecting approximately 30 people primarily at its Burnaby
"Last year we acquired ACI, an equipment manufacturing company providing
significant enhanced expertise in our European base. Between the two
companies we are realigning the cost structure and workforce to better
serve our customers with our EU base focused on sales, customer care
and supply chain management and our Burnaby based operations dedicated
primarily to R&D," said George Rubin, president of Day4 Energy. "This
action will not only align our cost structure with the potential for
the near term but it will also ultimately put the company in a better
position to expand, grow and complete our evolution in step with the
broader PV market. While we regret the impact this action will have on
affected individuals, it is a logical and necessary step in order to
optimize the operating structure of the entire group of companies while
continuing to deliver the level of quality and service that our
customers have grown accustomed to over the years. The change will also
allow us to place greater emphasis on new technology development and
marketing - the backbone of our Burnaby based operation and the key
driver behind Day4's technology and brand licensing activities."
Day4 Energy will provide its employees affected by the workforce
reduction with severance and human resource support. There will be a
restructuring charge recorded in the second quarter of 2011.
About Day4 Energy
Founded in 2001 and headquartered in Vancouver, B.C., Day4 Energy is a
leading provider of technologically advanced solar photovoltaic
modules, equipment and solutions serving the residential, commercial
and large-scale project markets. Based on patented technology, superior
product quality and an exceptional track record of performance, Day4
Energy is enabling the growth of solar energy. Day4 Energy is listed on
the Toronto Stock Exchange under the symbol "DFE". For more
information, please visit www.day4energy.com.
Forward Looking Statements
This news release contains forward-looking information. These statements
relate to future events or future performance and reflect management's
current expectations and assumptions. A number of factors could cause
actual events, performance or results to differ materially from the
events, performance and results discussed in the forward-looking
statements. These forward-looking statements are made as of the date
hereof and the Company does not assume any obligation to update or
revise them to reflect new events or circumstances.
SOURCE Day4 Energy Inc.
For further information:
Investor Relations Contact:
Head, Corporate Development
Day4 Energy Inc.
Media and Public Relations Contact:
Justin K. Lacey
Day4 Energy Inc.