JBI Inc. (JBII.PK) announced Tuesday that it has taken the necessary steps to significantly reduce costs as part of its ongoing plans to improve its operating results.
The company said it has completed a reduction in force of approximately 25%, involving 15 employees whose positions will be eliminated or their duties reassigned as part of an overall plan to reduce the Company's cost structure.
The company estimates it will incur approximately $40,000 in total restructuring expenses primarily consisting of severance and other employee-related costs. Total annual cost savings, including these and other reductions are expected to be approximately $1.3 million.
In addition, Tony Bogolin, Chief Executive Officer, Matthew Ingham, Chief Financial Officer and John Bordynuik, Chief of Technology, have all agreed to forego their annual performance bonuses under their respective employment agreements. This is a cost savings of approximately $32,000.
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by RTT Staff Writer
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