Sirit Takes Action

Published: October 22, 2006, By pffc-online.com

PRESS RELEASE

TORONTO, CANADA—Sirit has undertaken action to align its organizational structure with expected revenue levels and market opportunities with the goal of being cash flow neutral in the fourth quarter of fiscal 2007. The company is taking a headcount reduction of over 25%, will close two locations, and will streamline its development efforts to focus on revenue generating opportunities. These actions will result in severance and related non-recurring costs of approximately $400,000, which will be expensed primarily in the fourth quarter of 2006. To learn more, visit sirit.com.