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BRIEF-Buddy Technologies Announces Cost-Cutting Measures

Published 27/03/2020, 05:37 pm
BUD
-

March 27 (Reuters) - Buddy Technologies Ltd BUD.AX :

* BUDDY TECHNOLOGIES- GROUP CEO, GROUP CFO AND LEADER OF COMMERCIAL DIVISION WILL EACH TAKE PAY CUTS OF 50% EFFECTIVE IMMEDIATELY

* BUDDY TECHNOLOGIES LTD- OPERATIONAL EXPENSES (EXCLUDING SALARIES) AND COST OFFSETS WILL BE CUT BY UP TO $375K/MONTH FOR DURATION OF CRISIS

* BUDDY TECHNOLOGIES - NEARLY ALL EMPLOYEES OF BUSINESS VOLUNTARILY AGREED TO REDUCTION IN HOURS, AVERAGING BETWEEN 1-2 DAYS/WEEK EFFECTIVE IMMEDIATELY

* BUDDY TECHNOLOGIES LTD- ANTICIPATE AN IMPACT ON LIFX SALES AS POPULATION LOCKDOWNS AND RETAIL STORE CLOSURES PROGRESS

* BUDDY TECHNOLOGIES - VOLUNTARY REDUCTION IN HOURS OF EMPLOYEES THROUGH TO AT LEAST END OF JUNE 2020

* BUDDY TECHNOLOGIES LTD- BRICKS AND MORTAR RETAIL LIFX SALES ARE CURRENTLY DOWN BETWEEN 10% AND 30% ON SAME PERIOD LAST YEAR

* BUDDY TECHNOLOGIES-AT PRESENT, NO MATERIAL IMPACT TO COMMERCIAL REVENUES FROM COMMERCIAL BUSINESS

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