Versatile Restructures Operations
28 6월 2010 - 4:30PM
UK Regulatory
TIDMVVS
Versatile Restructures Operations
FOR: VERSATILE SYSTEMS INC.
TSX VENTURE SYMBOL: VV
AIM SYMBOL: VVS
June 28, 2010
Versatile Restructures Operations
Oliver Poppenberg Appointed COO Technology Group
VANCOUVER, CANADA--(Marketwire - June 28, 2010) -
All amounts are expressed in U.S. dollars unless otherwise stated.
Versatile Systems Inc. (TSX VENTURE:VV)(AIM:VVS), today announced that it has implemented a series of cost
reductions in light of the current economic climate.
Versatile has reduced its workforce, focused research and development activities on core products, and
redeployed research and development staff to the professional services group. These measures will result in
estimated annual savings of U.S. $1,120,050, which represents approximately 10% of the Company's annualized
expenses. The Company will continue to monitor its costs in relation to its revenues and changes within the
economy.
"We believe we have adopted a balanced approach in continuing to align our cost structures in light of the
current economic environment," said John Hardy, Chairman and CEO of Versatile. "As economic conditions improve,
we will be well positioned for recovery, particularly with our strong balance sheet and tier one customers and
partners."
Oliver Poppenberg has been appointed as Chief Operating Officer of Versatile Systems, Inc. Mr. Poppenberg
joined Versatile Systems, Inc. in 2005 as Executive Vice President of Sales. Mr. Poppenberg was the Vice
President of Sales of Perfect Order from 1999 to 2004. During this period, sales grew from US$15 million to
more than US$50 million. Prior to 1999 he was an Engineer at First City Bancorporation and held various sales
positions at Digital Equipment Corporation, EDS Corporation and Sun Microsystems. Mr. Poppenberg holds a
Bachelor of Science Degree in Engineering from The Pennsylvania State University.
"Versatile's unique offering of proprietary software, combined with application development enables us to
effectively deliver information technology architecture, design, and implementation across a wide variety of
industry verticals," said Oliver Poppenberg. "I look forward to working in the newly created role of COO."
About Versatile
Versatile provides business solutions that enable companies to improve sales, marketing and distribution of
their products. Versatile also provides information technology services for the implementation, maintenance and
security of mission-critical computer environments. Versatile has the ability to architect solutions involving
both proprietary and third party components. For more information: www.versatile.com
Forward-Looking Statements
This document may contain forward-looking statements relating to Versatile's operations or to the environment
in which it operates, which are based on Versatile's operations, estimates, forecasts and projections. These
statements are not guarantees of future performance and involve risks and uncertainties that are difficult to
predict or are beyond Versatile's control. A number of important factors including those set forth in other
public filings could cause actual outcomes and results to differ materially from those expressed in these
forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking
statements. In addition, these forward-looking statements relate to the date on which they are made. Versatile
disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of
new information, future events or otherwise.
(C) 2010 Versatile Systems Inc. All rights reserved.
FOR FURTHER INFORMATION PLEASE CONTACT:
Versatile Systems Inc.
John Hardy
Chairman and CEO
1-800-262-1633 or International: 001-206-979-6760
OR
Versatile Systems Inc.
Fraser Atkinson
CFO
1-800-262-1633
www.versatile.com
OR
NCB Stockbrokers Limited (Nominated Adviser)
Christopher Caldwell or Barclay Clibborn
+44 (0) 20 7071 5200
The TSX Venture Exchange and the AIM market of the London Stock Exchange have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Versatile Systems Inc.
Versatile Systems (LSE:VVS)
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