LUND, Sweden, May 19, 2003 (PRIMEZONE) -- Precise Biometrics AB (Other OTC:PBMTF) has resolved to implement a program to reduce the company's current costs. This measure will have the effect, among other things, of achieving positive cash flow more quickly. The company estimates that approximately ten people of a total of 47 employees may need to leave the company. Besides reducing costs, the program will also enhance the company's focus on sales of IT security products, primarily on the US market. Within the framework for the planned cost reduction program, the company plans to reduce the number of employees in its head office in Lund, in areas such as administration, sales, management and support functions.
"The cost reduction program will not affect our capacity to continue to increase sales or provide full customer support. Naturally, it is a shame to have to see talented and loyal employees leave the company, but reducing costs is a necessary step towards long-term growth in our operations," says Christer Bergman, CEO of Precise Biometrics.
The program is expected to cost SEK 0.5 million. Precise Biometrics estimates that the program will reduce current costs by approximately 15 percent, corresponding to about SEK 7 million annually. The measures will be implemented during May and June, and the effects will be visible already during the third quarter of 2003. The effects will be fully visible during the fourth quarter of 2003.
For further information, please contact: Christer Bergman, CEO, Precise Biometrics AB Telephone: 0730-35 67 26 E-mail: christer.bergman@precisebiometrics.com
Precise Biometrics AB (publ.) is an innovative security company that supplies world-leading systems for fingerprint-based authentication. The company's solutions replace keys, PIN codes and passwords. The company's products are cost-effective, secure and convenient while combining strong protection for the user's personal integrity. The product line includes systems for physical access control, access to computers and networks and for integration in mobile and fixed terminals such as mobile phones and computers. The company headquarters is located in Lund, Sweden. It also has offices in Stockholm and a subsidiary in Washington, DC, USA. Precise Biometrics is listed on the Stockholm Stock Exchange O-list (PREC A). For more information, please visit http://www.precisebiometrics.com