Science & Technology
Science and Technology
Science and Technology
Tue, April 19, 2011
BURNABY, BC, April 19 /CNW/ - Day4 Energy Inc. (TSX: DFE) a leading global provider of solar photovoltaic (PV) products and solutions, today announced the company has implemented a reduction in its overall headcount affecting approximately 30 people primarily at its Burnaby pilot-production facility.
"Last year we acquired ACI, an equipment manufacturing company providing significant enhanced expertise in our European base. Between the two companies we are realigning the cost structure and workforce to better serve our customers with our EU base focused on sales, customer care and supply chain management and our Burnaby based operations dedicated primarily to R&D," said George Rubin, president of Day4 Energy. "This action will not only align our cost structure with the potential for the near term but it will also ultimately put the company in a better position to expand, grow and complete our evolution in step with the broader PV market. While we regret the impact this action will have on affected individuals, it is a logical and necessary step in order to optimize the operating structure of the entire group of companies while continuing to deliver the level of quality and service that our customers have grown accustomed to over the years. The change will also allow us to place greater emphasis on new technology development and marketing - the backbone of our Burnaby based operation and the key driver behind Day4's technology and brand licensing activities."
Day4 Energy will provide its employees affected by the workforce reduction with severance and human resource support. There will be a restructuring charge recorded in the second quarter of 2011.
About Day4 Energy
Founded in 2001 and headquartered in Vancouver, B.C., Day4 Energy is a leading provider of technologically advanced solar photovoltaic modules, equipment and solutions serving the residential, commercial and large-scale project markets. Based on patented technology, superior product quality and an exceptional track record of performance, Day4 Energy is enabling the growth of solar energy. Day4 Energy is listed on the Toronto Stock Exchange under the symbol "DFE". For more information, please visit [ www.day4energy.com ].
Forward Looking Statements
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
