PNV Announces Downsizing
25 October 2000
PNV Announces DownsizingSteps To Accelerate Path To Profitability CORAL SPRINGS, Fla., Oct. 25 In a move designed to cut back expenses and improve the long-term prospects for the company, PNV announced today that effective immediately the company is downsizing nearly 15 percent of its workforce. Additionally, PNV is re- aligning its personnel around strategic initiatives designed to increase subscriptions, deliver comprehensive business solutions to the industry and create significant value for shareholders and customers. "Today's necessary business decision is based on PNV not meeting its financial objectives since our IPO in November 1999. While PNV remains committed to ensuring that our mission to be the pre-eminent provider of connectivity, services and information to our industry stays on course, layoffs are a difficult time for any company. Employees separating from the company as a result of job reductions will be provided with severance packages and outplacement counseling and support to help with the transition," said Bob May, president and CEO. The reduction in staffing includes approximately 50 employees in selected field operations and administrative support areas and is expected to save almost $2,000,000 annually in overhead expenses. Also, similar to other trucking industry suppliers who have felt the impact of rising fuel prices and a slowdown in the industry, PNV is making cutbacks across the board to streamline operations. About PNV PNV (http://www.pnv.com), based in Coral Springs, Fla., is a full-service Cisco Powered Network certified communications and information provider to the trucking and logistics industry -- a $500 billion market. Providing bundled communications, cable TV and Internet services to professional truck drivers, their families, suppliers, manufacturers, operators, fleets and the world at large, these services are delivered through the company's private, integrated facilities-based network deployed at 397 truck stops in 43 states, 295 of which are full-service locations.