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Biotech / Medical : Trickle Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (974)	12/31/2001 9:39:05 AM
From: tuck	Respond to of 1784

Happy New Year? >>FOSTER CITY, Calif.--(BW HealthWire)--Dec. 31, 2001--Argonaut Technologies, Inc. (Nasdaq:AGNT - news) today announced a major cost savings initiative. Actions being taken by Argonaut include streamlining of processes, reducing or eliminating discretionary expenditures and unfilled positions, controlling salary increases and reducing personnel across the company. Argonaut anticipates the reduction in force will total approximately 20 employees or approximately 13% of the Argonaut workforce. Argonaut expects that these actions will result in expense reductions of at least $4 million as compared to expenses in 2001. The company expects to take one-time, special charges associated with these actions of approximately $700,000 to $900,000 in the fourth quarter ending December 31, 2001. The company will finalize these charges as part of its year-end audit and will report final fourth quarter and full year 2001 financial results, as well as provide an outlook for 2002, on the afternoon of February 12, 2002. ``We expect to achieve our revenue guidance for the fourth quarter of 2001, and we are taking these actions now so that we can move more rapidly toward profitability once this difficult economic period is behind us,'' stated Lissa A. Goldenstein, Argonaut's president and chief executive officer. ``We remain positive on our industry's long-term growth prospects and want to make sure we are positioned to lead coming out of this slow period. We are confident that this comprehensive cost savings initiative, along with our ongoing innovative product pipeline investments, will allow Argonaut to compete aggressively as the anticipated industry recovery occurs. We believe these reductions create a more efficient, dynamic and flexible company that will continue to provide innovative solutions to speed chemistry development.'' Goldenstein continued, ``We regret the hardship this action will have on affected employees. Argonaut has dedicated employees who are knowledgeable of our industry. We are especially sensitive to the timing of this announcement. We will work to minimize the impact on affected employees by providing special separation benefits.'' << snip The chemists, if any were let go, shouldn't have any trouble finding work. A bit tougher for the others, I'd think. Cheers, Tuck