Alternative Fuel Systems Inc. says it is undertaking a number of strategic cost-cutting measures, including reducing staff by 15 per cent and implementing salary reductions.
In addition, AFS has subleased 8,000 square feet of its 51,000-square-foot facility in Calgary.
These measures are part of the company’s objective to reduce overhead and focus efforts on market-driven activities.
“AFS’s engineering and sales resources are now focused on revenue-generating products and services and new products which can be commercialized in a short time frame,” said Walter Brooks, AFS chairman and interim CEO.
“We have sufficient resources to meet our near-term business objectives. Costs will continue to be monitored and balanced with revenue expectations to preserve capital and protect the interests of our shareholders,” Brooks added.
Formed in 1983, AFS is a Canadian environmental technology company that has developed and commercialized electronic engine management technologies enabling diesel and gasoline engines to operate using natural gas. AFS natural gas systems and components are installed worldwide in new vehicles made by original equipment manufacturers (OEMs), or retrofitted in existing fleets.
AFS is headquartered in Calgary and trades on the Toronto Stock Exchange under the trading symbol ATF.
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