AirIQ Announces Workforce Consolidation
TORONTO – Approximately 36 percent of AirIQ Inc.'s workforce has been reduced.
"We appreciate the many contributions these employees have made to AirIQ," said Steve Willey, chief executive officer of AirIQ, "and while these actions are difficult, they are necessary considering current economic conditions and the company's commitment to continue to reduce operating expenses."
The workforce reduction will save approximately $1,000,000 annually. One time severance costs of approximately $850,000 will be incurred, as an extraordinary expense, with payment to be made over the next few quarters.
The process of re-alignment of AirIQ started over a year ago and has resulted in a continuous reduction of expenses and operating losses. It has also delivered a lean and highly cross-functional team that is motivated to see the company meet its stated objectives of retaining the full value of its multiple businesses and delivering on its goal of cash flow break-even operations.
As part of the consolidation, AirIQ also announced the appointment of Donald Gibbs as general manager of the company's land business unit. Gibbs will also continue in his role as chief financial officer of the company.
"We have been very pleased to have Don on our team these past several months, and appreciate his willingness to further support AirIQ in this expanded role," said Willey. "Together with Irwin Rodrigues, vice president and general manager of our Marine business unit, the company will maintain focus on improving operating efficiencies and productivity, while enhancing its offerings in the telematics and vessel monitoring and communications marketplace."