HAUPPAUGE, N.Y., Jan. 6 /PRNewswire-FirstCall/ -- Sentry Technology
Corporation (OTC Bulletin Board: SKVY) announced today, a major restructuring
of the Company's operations including the outsourcing of product
manufacturing. Changes in all departments will result in the layoff of
approximately 60 employees to bring over all costs in line with core business
revenue. It is estimated that more than $2.5 million will be cut from the
Company's 2003 operating budget while increasing future profit margins by
approximately 3%.
Additional changes see the replacement of John F. Whiteman with Lynn
Webster as Vice President of Sales and Marketing. Ms. Webster is also
responsible for sales and marketing in ID Systems with offices located in
Toronto Canada. The Company expects that the consolidation of sales and
marketing management in Toronto will increase efficiency and reduce operating
expenses.
"We are disappointed to layoff so many long standing employees," said
Peter L. Murdoch, President and CEO of Sentry Technology Corporation. "These
changes are necessary to right size the Company to help ensure future success.
Sentry has a wonderful group of core, blue chip customers that we can continue
to service using a business model with greater reliance on variable costs.
Successful implementation of the complete plan requires future restructuring
of certain debt combined with an additional equity infusion which the Company
is currently pursuing."
Sentry Technology Corporation designs, manufactures, sells and installs a
complete line of Radio Frequency (RF) and Electro-Magnetic (EM) EAS systems
and Closed Circuit Television (CCTV) solutions. The CCTV product line
features SentryVision(R), a proprietary, patented traveling Surveillance
System including our latest generation SmartTrack system. The company's
products are used by retailers to deter shoplifting and internal theft and by
industrial and institutional customers to protect assets and people. The
recent partnership with Dialoc ID Holdings BV expands the Company's product
offering to include proximity Access Control and Radio Frequency
Identification (RFID) solutions. For further information please visit our
website at http://www.sentrytechnology.com .
CONTACT: Peter L. Murdoch
President & CEO
(631) 232-2100
SOURCE Sentry Technology Corporation
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Related links:
http://www.sentrytechnology.com
Company News On-Call:
http://www.prnewswire.com/comp/494538.html
CONTACT:
Peter L. Murdoch, President & CEO of Sentry
Implements, +1-631-232-2100
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