SmarTire completes restructuring with job cuts

Jan. 31, 2007

SmarTire Systems Inc. has completed the restructuring of its operations, including a 25% workforce reduction.

"We have taken significant actions to reduce costs," says SmarTire CEO and President Dave Warkentin.

"Since September, our overall staff level has been reduced by approximately 50%. As part of this initiative, we plan to close our UK facility at the end of February 2007. We do not anticipate that this closure will affect our European sales efforts.

"In addition, we were able to reduce our engineering and product development team as we have now completed the development of our tire pressure monitoring system which meets the requirements of our major commercial vehicle customers."