Saflink announces mass layoffs
Thursday October 19, 6:13 pm ET
Saflink Corp. said it will lay off 50 percent of its work force, or more than 60 employees, as part of a corporate restructuring effort.
In the May 26 Puget Sound Business Journal list of the 100 largest public companies in the area, Bellevue-based Saflink ranked No. 95, with 122 employees. It ranked No. 5 on the publication's list of fastest-growing public companies, based on its revenue growth from $2.02 million in 2003 to $7.12 million last year. Saflink makes security software and hardware.
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The company said its remaining workers will concentrate on the company's Registered Traveler initiative.
"We are taking these steps in order to dramatically improve our operating cash flow and, at the same time, are re-focusing our efforts on the most near-term revenue opportunities -- most notably, the Registered Traveler initiative," said Steve Oyer, Saflink's interim CEO, in a statement.
The company also said that it's received a letter from the NASDAQ stock exchange, saying the company wasn't in compliance with the stock exchange's audit committee requirements. That happened when Oyer, who was serving as the chairman of the audit committee, was appointed interim CEO on Sept. 29, replacing Glenn Argenbright, who was reassigned to board chairman. The company said it has until sometime early next year to regain compliance.
Published October 19, 2006 by the Puget Sound Business Journal |
