August 27, 2010 - PureSpectrum implements company-wide layoff
August 27, 2010
Certain members of management team and staff continuing to work with Board of Directors to enable limited operations and identify funding source
SAVANNAH, GA – PureSpectrum, Inc. (OTCBB: PSRU) has notified its employees that the Company is implementing a company-wide layoff of the entire staff effectively immediately as the Company’s Board of Directors continues to seek funding that would allow the Company to continue operations.
On August 25, 2010 the Company’s Board of Directors accepted the resignation of former CEO and Chairman Lee L. Vanatta by a majority vote of the Directors. In a subsequent 8K filed on August 25, 2010 the Directors declared the Company to be insolvent, and following the filing of the 8K the Company’s staff was notified of the layoff.
The Board of Directors has not identified a successor for Mr. Vanatta but certain members of the Company’s staff, including Chief Financial Officer Gregory Clements, Vice President of Administration and Compliance Susan Norton, Vice President of Product Development Garth Kullman and Vice President of Sales Peter Weller, have elected to continue working to allow the Company to maintain limited operations and support the efforts of the Board of Directors to identify and secure funding that would sustain the company. The members of the of the management team and staff who have chosen to remain working on behalf of the Company were made aware by the Board of Directors that they may not be compensated for their time and efforts.
The remaining members of the management team have assumed joint responsibility for day to day operations with guidance and input from the Board of Directors. The Board of Directors is exploring several potential funding options and entertaining all reasonable and legitimate funding proposals which would enable the Company to meet its financial obligations and continue operations.
Please call (912) 721-3640 with any questions regarding PureSpectrum and the Company’s ongoing activities.
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ABOUT PURESPECTRUM
PureSpectrum, Inc. is a progressive lighting company headquartered in Savannah, Ga., dedicated to researching and developing innovations in lighting in multiple categories that provide answers to questions facing the lighting industry. PureSpectrum is committed to identifying, cultivating, creating and implementing products and technologies that will satisfy the demand for cost effective, performance-driven energy efficient lighting solutions. The company’s mission is grounded in the quest to preserve natural resources and a belief that energy efficient lighting will be embraced and absorbed through improved performance. PureSpectrum is introducing products and identifying technologies that enable energy conservation and improved performance without increased cost or confusion for the consumer. PureSpectrum plans to continue its commitment to researching and developing products that satisfy consumer demand and advance the cause of energy conservation. Please call (912) 961-4980 or visit www.purespectrumlighting.com for more information on PureSpectrum.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum’s products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum. For additional information concerning risk factors, please refer to the securities filings at http://www.otcbb.com/asp/Info_Center.asp.