Oslo, Norway, July 19, 2019 - Thin Film Electronics ASA ("Thinfilm") (OSE: THIN; OTCQX: TFECY), a global leader in Near Field Communications (NFC) solutions, today, in delivering against its strategy, announced a restructuring to further right size the business. The Company plans to maintain its focus on developing and building market adoption of its brand protection and consumer engagement solutions and maximizing the value of its Junction Avenue, San Jose, CA roll-to-roll printed electronics technology and factory.
These corporate restructuring efforts are designed to yield nearly $15 million in annualized savings at the operating level and will result in over a 50 percent reduction in the work force.
"Streamlining our cost structure was a difficult but necessary step, in order to achieve our strategic plan. I’d like to thank our individual team members for their significant contributions and commitment. We wish them well in the future." said Chief Executive Officer, Kevin Barber.
Thin Film Electronics ASA is a publicly listed company in Norway with corporate headquarters in Oslo, global headquarters in San Jose, California, and offices worldwide.
Investor and Analyst Contact
Kevin Barber - Chief Executive Office
+1 408 503 7306
Mallorie Burak - Chief Financial Officer
+1 408 503 7312
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.