Prosys-Tech Corporation ("Prosys" or the "Corporation")(TSX VENTURE:POZ),
announces that, during the course of the third quarter, the sales of the
Corporation were $9 million compared with $18 million in 2007, a decrease of $9
million. This decrease in sales is mainly due to a reduction in sales to various
governmental departments.


Following this unexpected seasonal decrease, Prosys' management implemented an
internal restructuring and cost cutting process. To that end, the Corporation
proceeded with cutting approximately thirty jobs across Canada. These cuts will
enable Prosys to save approximately $1,500,000 annually.


Furthermore, pursuant to what was announced on April 7, 2008, Prosys still
intends, subject to regulatory approval to issue 8,333,333 common shares at a
price of $0.24 per share in order to convert $2,000,000 of its $3,000,000
subordinated loan with the Business Development Bank of Canada into common
shares of Prosys. This conversion will enable Prosys to save approximately
$450,000 per year in interest fees.


Mr. Georges Hebert, President and Chief Executive Officer stated: "We have just
finished a difficult quarter with lower government sales. However, the job cuts
and the conversion of the subordinated loan with the BDC will enable the
Corporation to be considerably closer to the break-even point and will ensure
the Corporation's future."


About Prosys

Prosys is a computer manufacturer and distributor of information technology
products having offices in Montreal, Quebec, Ottawa, St-John's and Vancouver.
Through its subsidiary CDMS, Prosys also offers a wide range of products,
including 24/7 multilingual technical service desk, network operations and
monitoring, managed services, IT consulting and a host of value add hardware
solutions. The vast customer base of Prosys is divided among various market
niches. Prosys' main clients are the Governments of Canada and Quebec, crown
corporations, universities, school boards and CEGEPs throughout the province of
Quebec. The investment in Peak is in the scope of the Corporation's steps to
diversify the global offer of services to its current customers and to improve
Prosys' positioning for the development of the SMB market.


This news release may contain forward-looking statements that could reflect the
Corporation's objectives, estimates, expectations and the impact on its
financial performance. By their very nature, these types of statements involve
risks and uncertainty. Consequently, reality may differ materially from either
party's projections or expectations.


Grafico Azioni Prosys Tech (Tier2) (TSXV:POZ)
Storico
Da Mag 2024 a Giu 2024 Clicca qui per i Grafici di Prosys Tech (Tier2)
Grafico Azioni Prosys Tech (Tier2) (TSXV:POZ)
Storico
Da Giu 2023 a Giu 2024 Clicca qui per i Grafici di Prosys Tech (Tier2)