Uniglobe.com to make cost cuts
In keeping with many companies` cost
saving efforts in the travel industry, online travel leader and cruise
specialist, Uniglobe.com Inc. (CDNX:UTO.B and OTCBB:UGTRF), today announced
that it has laid off an additional 7 percent of its staff and will implement a
15 percent pay cut to all employees starting January 1, 2002.
In addition to
these actions, the Company has or is in the process of re-negotiating
furniture and equipment leases as well as other supplier contracts in order to
reduce its monthly expenses.
“The restructuring or merging of several of our departments, the layoffs
and salary cuts, and the opportunity to re-negotiate several contractual
obligations will help us reduce our costs by between US$900,000 and US$1.1
million per year. These moves are consistent with our plans to preserve as
much of the cash we have in the bank as possible in an effort to provide
enough time to get to profitability,” said Christopher Charlwood, President
and Chief Operating Officer of Uniglobe.com.
About Uniglobe.com
Uniglobe.com Inc. (CDNX:UTO.B and OTCBB:UGTRF) is a full-service Internet
travel site that specializes in cruises. The Company caters to leisure and
business travelers offering direct access to air, car, hotel, and cruise
bookings. All Uniglobe.com customers are supported via e-mail, live-chat, and
an 800 number connecting to live agents 24 hours a day, seven days a week. The
Company`s focus on cruising and overall travel services has resulted in the
top certification ranking by Gomez, a leading Internet quality measurement
firm. Uniglobe.com has also been included in Conde Nast Traveler`s 50
Essential Web sites list. Strategic partners include Amadeus, Atevo, Avaya,
clikVacations.com, DoubleClick, Exodus, Galileo, GetThere.com, Hotel
Reservations Network, Hotwire.com, inntopia.com, Trip.com, and Xylo. The
Company`s largest shareholder, Uniglobe Travel (International) Inc., is the
world`s largest single brand travel franchise organization with 1,000
locations in more than 20 countries.
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