CALGARY, Nov. 6 /CNW/ - Galvanic Applied Sciences Inc. TSXV: GAVV ("Galvanic") announces that it is reorganizing the European distribution of its Monitek product line supported by the Duesseldorf, German office. In order to remain competitive in the global marketplace it became necessary to discontinue the operations in Germany and consolidate in Lowell, Mass. The intent of the reorganization is to improve Galvanic's cost structure and margins and thereby increase profitability. The reorganization involves the permanent closure of the German office at the end of this year and the termination of three employees.
The closing of the German office does not impact Galvanic's manufacturing and support capabilities. The company will continue to sell into the European market and globally and provide full product support of its Monitek product line from the Lowell, Mass. U.S.A. office.
Galvanic Applied Sciences Inc. is an innovative electronic technology Company that develops instrumentation and manufactures equipment for the natural gas processing and distribution markets and liquids process markets. Products include analyzers for sulfur and BTU measurement in gases, electronic volume correctors and recorders used in combination with commercial natural gas meters, and tytrators, viscometers, suspended solids and turbidity analyzers for online liquid analysis.
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Forward Looking Statements: This news release contains forward looking statements based on management's current expectations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Galvanic at the time of preparation, may prove to be incorrect. The forward looking statements contained in this news release are made as at the date of this news release and, except as required by applicable securities laws, Galvanic does not undertake any obligation to update publicly or otherwise any such statements.
SOURCE Galvanic Applied Sciences Inc.
For further information: For further information: S. Grant Reeves, Chief Executive Officer, (403) 258-9709 or Helen Cornett, Chief Financial Officer, (403) 258-9704, Email: email@example.com, Website: www.galvanic.com