OTTAWA, Jan. 20 /CNW Telbec/ - March Networks(R) (TSX:MN), a leading
provider of intelligent IP video and business analysis applications, today
announced that it has implemented additional measures to reduce operating
expenses in order to mitigate the risks associated with the current economic
environment. All amounts are in Canadian dollars.
These measures include:
- Workforce reduction equivalent to approximately 7% of the Company's
- Six percent salary roll-back for all North American executives and
The Company undertook these measures to mitigate the potential risks
associated with growing economic uncertainty and expects an associated
reduction in annual operating expenses of approximately $3.2 million. The
Company anticipates that it will record a third quarter 2009 restructuring
charge of approximately $900,000.
"The Company continues to remain focused on the execution of its strategic
objectives of global growth and improving its operating profitability," said
Peter Strom, President and Chief Executive Officer, March Networks. "These
measures will provide the Company with greater flexibility to achieve those
objectives within the context of a challenging economic environment."
About March Networks
March Networks(R) (TSX:MN) is a leading provider of intelligent IP video
and business analysis applications that enable organizations to reduce losses,
mitigate risks and improve security and operational efficiency. The Company's
advanced software suite includes enterprise-class video management, powerful
analytics and comprehensive managed and professional services. Our software
and systems are used by leading financial institutions, retailers,
transportation authorities and other organizations in more than 50 countries.
For more information, please visit www.marchnetworks.com.
(*) MARCH NETWORKS and the MARCH NETWORKS logo are trademarks of March
Networks Corporation. All other trademarks are the property of their
For further information:
For further information: Peter Wilenius, VP Global Marketing, March
Networks Corporation, (613) 591-8181, firstname.lastname@example.org