News: PKD PARKD Announces Cost Cuts To Reduce Overhead Expenditure By 25%

March 26 (Reuters) - PARKD Ltd (PKD) :

• ANNOUNCES COST REDUCTION MEASURES
• DIRECTORS OF COMPANY WILL DEFER PAYMENT OF ALL DIRECTORS' FEES UNTIL END OF THIS FINANCIAL YEAR
• MEASURES WILL DELIVER AN ESTIMATED 25% REDUCTION IN OVERHEAD EXPENDITURE
• EXECUTIVES AND SENIOR MANAGEMENT WILL TAKE A COMBINED 20% REDUCTION IN SALARIES
• DISCRETIONARY SPENDING WILL BE ELIMINATED AND A FREEZE ON CAPITAL EXPENDITURE AND RECRUITMENT WILL BE PUT IN PLACE
• WELL PLACED TO PARTICIPATE IN INFRASTRUCTURE PROJECTS INCLUDING FEDERAL GOVERNMENT'S $650 MILLION NATIONAL COMMUTER PARKING PROJECT
• ADVISES THAT ITS DESIGN AND CONSULTING SERVICES HAVE BEEN UNAFFECTED BY COVID-19