TORONTO, Jan. 18 /PRNewswire-FirstCall/ - Belzberg Technologies Inc. (TSX - BLZ), a provider of technology-based equity and options trading services, announced a reorganization of its Canadian and US operations.
"Belzberg has made many important changes to serve its clients better and to improve its operations over the past year," said Judith Robertson, President and CEO. "It is time to realign the organization to further reduce costs and focus our complete attention on our return to profitability."
Major elements of the reorganization include:
- Elimination of 20 positions since the 3rd quarter 2009. This represents 19% of our workforce and included employees in Toronto, New York and Chicago. The positions eliminated were in administration, finance, operations and development. - Salary freezes for employees and salary reductions for senior management. Outside of employees taking on extended responsibilities as a result of the reorganization, there will be no salary increases until the Company returns to EBIT positive. In addition, Judith Robertson and Bob Sheehan will each accept at a salary cut. - Elimination of the position of Chief Operating Officer. - Those areas previously reporting to the Chief Operating Officer will migrate to Chris Jackson, President, Canadian Operations. This change will allow a closer integration of sales, support and product delivery. - Don Wilson, who has served as Chief Operating Officer of the Company for many years, is currently still employed with the Company. - Richard Maisel has informed the Company that he intends to resign as Chief Financial Officer, effective March 31, 2010. The Company is currently reviewing its on-going requirements and expects a smooth transition with Richard's active involvement. - Andrew Brenner joined the Company as President, US Operations as of January 11, 2010, as previously announced. Andrew will be responsible for US sales and will report to Judith Robertson.
"These changes create the right foundation for improved financial performance," said Judith Robertson, President and CEO. "We have been careful not to sacrifice our ability to service our clients or grow while reducing our operating costs."
About Belzberg Technologies
Belzberg Technologies Inc. is a provider of trading technology for equities and options in Canada and the U.S. and technology-based brokerage services in the U.S. through its wholly-owned subsidiary, Electronic Brokerage Services, LLC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all major North American markets. Belzberg Technologies is listed on the Toronto Stock Exchange (Ticker-BLZ) - additional information is available at www.belzberg.com.
Forward looking statement disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
SOURCE Belzberg Technologies Inc.