Brief: Learning To Sleep Implements Organizational Changes And Savings

Learning 2 Sleep L2S AB

16/08/2022 12:20

Aug 16 (Reuters) - Learning 2 Sleep L2S AB  L2S.ST :
    * LEARNING TO SLEEP IMPLEMENTS ORGANIZATIONAL CHANGES AND
SAVINGS
    * IS IMPLEMENTING A COMPREHENSIVE SAVINGS PACKAGE THAT ALSO
INCLUDES CURRENT CEO MICAEL GUSTAFSSON AND FOUNDER PETER BOYE
LEAVING THEIR POSITIONS IN COMPANY AS OF AUGUST 31
    * NEW CEO FROM SEPTEMBER 1 WILL BE COMPANY'S CURRENT
OPERATIONAL
MANAGER, LINA JOHANSSON
    * DURING SUMMER, WORKED OUT SAVINGS PACKAGE TO REDUCE CO'S
COST
MASS, WITH AIM OF ACHIEVING CASH FLOW NEUTRALITY AS SOON AS
POSSIBLE
    * SAVINGS PACKAGE PRIMARILY INCLUDES ORGANIZATIONAL CHANGES
BUT
ALSO REDUCED EXTERNAL COSTS IN NON-ESSENTIAL DEVELOPMENT,
CONSULTING SERVICES AND TO SOME EXTENT MARKETING
    * CURRENT CEO MICAEL GUSTAFSSON IS LEAVING HIS POSITION BUT
WILL
CONTINUE TO WORK WITH COMPANY ON A CONSULTING BASIS
    * FOUNDER OF COMPANY PETER BOYE LEAVES HIS POSITION BUT
CONTINUES
TO WORK FOR COMPANY ON A CONSULTING BASIS
    * NON-ESSENTIAL DEVELOPMENT WORK IS PAUSED UNTIL COMPANY IS
FINANCIALLY STRONGER
    * IN FUTURE, CO FOCUSES ON MORE MODERATE GROWTH IN SWEDISH
MARKET
WITH AIM OF ACHIEVING POSITIVE CASH FLOW AND PROFITABILITY IN
LONG TERM
    * LARGER COST-INTENSIVE PROJECTS ARE PAUSED UNTIL COMPANY
HAS A
POSITIVE CASH FLOW
    * CO WILL CONTINUE ONGOING TALKS WITH POTENTIAL NEW
PARTNERS/CHANNELS, PROVIDED THAT THESE ARE DEEMED TO GENERATE
REVENUE IN SHORT TERM

Source text for Eikon:  ID:nMFN7bWgcS 
Further company coverage:  L2S.ST 

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