Brief: Arcpoint Provides Update On Cost-Cutting Initiatives, Preliminary Financial Results

ARCpoint

08/03/2023 12:56

March 8 (Reuters) - ARCpoint Inc  ARC.V :
    * ARCPOINT INC. PROVIDES CORPORATE UPDATE ON COST CUTTING
INITIATIVES AND PRELIMINARY FINANCIAL RESULTS
    * ARCPOINT INC - EFFECTIVE APRIL 1, 2023, COMPANY IS
ENACTING A
HEADCOUNT REDUCTION REPRESENTING ABOUT 30% OF COMPANY'S SALARY
COSTS
    * ARCPOINT INC - EFFECTIVE APRIL 1, 2023, COMPANY IS
ENACTING A
HEADCOUNT REDUCTION REPRESENTING APPROXIMATELY 30% OF COMPANY'S
SALARY COSTS
    * ARCPOINT INC - MAJORITY OF THESE CUTS WILL TAKE PLACE AT
THE
UPPER MANAGEMENT AND EXECUTIVE LEVELS
    * ARCPOINT - UNDERTAKEN THOROUGH AUDIT OF OPERATIONS AND
IDENTIFIED OPERATIONAL COST-SAVING MEASURES REPRESENTING ABOUT
20% OF CURRENT OPERATING COSTS
    * ARCPOINT INC - AFTER ACCOUNTING FOR SEVERANCE COSTS & ANY
NEEDED
NEW HIRES, WILL REPRESENT COST SAVINGS OF OVER TWO-HUNDRED
THOUSAND DOLLARS IN 2023
    * ARCPOINT INC - ANNUALIZED SAVINGS OF OVER EIGHT-HUNDRED
THOUSAND
DOLLARS GOING FORWARD
    * ARCPOINT INC - TOTAL REVENUE FOR THREE MONTHS ENDED
DECEMBER 31,
2022 IS ANTICIPATED TO BE AROUND $1.3 MILLION

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