Local company faces possible stock market boot
Dec 04, 2008 - 04:30 PM
PICKERING -- A Pickering-based wireless technology firm is cutting about 21 jobs to save $1 million a year due to tough economic conditions.
Steve Willey, AirIQ Inc., Chief Executive Officer, announced Wednesday the company is reducing its workforce by about 36 per cent. AirIQ specializes in technology and services that allow consumers to communicate remotely and automatically with marine vessels and vehicles in real time.
One-time severance costs will be about $850,000, paid out over the next few quarters, a press release stated.
"We appreciate the many contributions these employees have made to AirIQ," Mr. Willey said, "and while these actions are difficult, they are necessary considering the current economic conditions and the company's commitment to continue to reduce operating expenses."
The "realignment process" began more than a year ago and "has resulted in continuous reduction of expenses and operating losses." In 2007, the company went from 123 employees to 59.
AirIQ also announced Wednesday the Toronto Stock Exchange is reviewing the company's eligibility for continued listing. If it does not meet the TSX's listing requirements by July 1, 2009, the company's shares will be delisted a month later.
AirIQ also has an office in San Diego, Calif,, but the job cuts will take place in Pickering, Mr. Willey said.
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