News: VTI Visioneering Technologies Says Shipments To US ECPS In 1Q Expected To Increase 20% Over...

April 2 (Reuters) - Visioneering Technologies Inc (VTI) :

• SHIPMENTS TO US ECPS IN 1Q FY2020 EXPECTED TO INCREASE 20% OVER 4Q19 TO A RECORD US$1.62M
• CASH ON HAND EXPECTED TO ALLOW COMPANY TO OPERATE INTO Q4 OF 2020
• REDUCTION IN FORCE HAS BEEN IMPLEMENTED
• RETAINED 11 OF ITS 30 SALES AND MARKETING STAFF MEMBERS
• EXPECTS NET REVENUE IN 1Q20 TO DECREASE 7% TO US$1.3 MILLION COMPARED TO 4Q19
• AS OF 1 APRIL 2020, CO HAS REDUCED FORCE BY 22 OF 42 EMPLOYEES
• POSSIBLE THAT CO'S CURRENT CASH WILL BE DEPLETED PRIOR TO Q4 OF 2020
• EXPECTS COST-SAVING MEASURES TO ALLOW CURRENT CASH ON HAND TO FUND OPERATIONS TILL EARLY OCT 2020, ASSUMING STEEP Q2 SALES DECLINES