News Release
COLUMBIA, Md.--(BUSINESS WIRE)--May 5, 1999--Montreal Exchange "TSI" - TSI TelSys Corporation announced today that, due to the economic downturn in Japan, it is forecasting a significant reduction in 1999 revenue from the Japanese market.
During 1998, the Company had maintained a staffing level to service the Japanese market. The economic downturn in Japan has resulted in a much slower delivery profile for 1999 and as a result, the Company has made a decision to reduce staff levels by approximately 20%.
While the Company intends to continue to conduct business in Japan, it will primarily focus its efforts on the North American and European markets.
Headquartered in Columbia, Maryland, TSI TelSys is a leading developer and manufacturer of high performance, multi-mission satellite data processing systems for ground station operations and satellite test and integration.
The Company's LavaLogic(tm) business unit is aimed at developing and marketing the next generation of high level electronic design automation (EDA) software for designers of integrated circuits and electronic systems.
Further information about TSI TelSys, including copies of press releases, may be found through the TSI TelSys Internet Web site at tsi-telsys.com. TSI TelSys Corporation is listed on the Montreal Exchange, under the trading symbol "TSI".
LavaLogic is a trademark of TSI TelSys, Inc.
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CONTACT: TSI TelSys, Inc.
Paul Sevigny, C.F.A., CFO, 410/872-3900
Fax: 410/872-3902
Email: info@tsi-telsys.com
WWW: tsi-telsys.com |
