Mar, 2002 : Velocita lays off 75 per cent of it's employees

📅 March 1, 2002 - Velocita Corp., a Washington-based broadband network provider, today announced it would restructure the operations of the company, reducing operations by 181 employees, representing about 75 per cent of its workforce.

Velocita (velocita.com) said it would continue the construction of its nationwide network, which is expected to be substantially complete by the end of the year. Exploring financial strategies, the company will turn to Connecticut-based Impala Partners LLC, a financial advisory company.
"These are difficult times and this restructuring involved some difficult decisions, especially in light of the tremendous contributions made by our employees," said Buddy Pickle, chief executive officer of Velocita. "Over the past weeks and months, we have explored a number of options and market opportunities, and have taken other aggressive actions to control costs in light of the current economy. Today's difficult move, which is necessary, represents the next step in that ongoing process."

Reads: 1335 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/vel030102.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!

Other news

📅 Feb 28, 2002 - Global Crossing Bids To Secure Pentagon Network - Global Crossing Ltd. is still in the race for a lucrative contract securing the Pentagon's network, because the Pentagon relaxed the security requirements, the New York Times reported on Thursday. Bermuda-based Global Crossing Ltd. (globalcrossing.com) originally won the contract, connecting 6,000 scientists working on military projects, last July. However Global Crossing's bankruptcy proceedings, which began in late January, sparked protest from competing bidders AT&T Corp., Qwest Communications International Inc., Sprint Corp. and WorldCom Group. Global Crossings was the only competitor that did not meet the initial standard, stating that workers who manage th

📅 Feb 28, 2002 - Alcatel Awarded Optics Contract for Sea-Me-We Network - Alcatel (alcatel.com), an optical networking provider, has been awarded a $45 million contract by the Sea-Me-We 3 (mw3.fcr.fr) consortium to upgrade the network to support 10 Gbit/s transmission, representing a 40 percent capacity increase. Alcatel is the sole provider for the terrestrial portion of the project, including Dense Wavelength Division Multiplexing systems and end-to-end network management. Alcatel will also supply the major part of the undersea optical networking infrastructure. The installation and commissioning of the 10 Gbit/ s upgrade will be completed and operational by Feb. 2003. The upgrade will be performed on seven out of the ten Sea-Me-W

📅 Feb 28, 2002 - Auspex Joins Citrix Business Alliance - Auspex Systems, Inc. (auspex.com), a provider of enterprise storage solutions, announced yesterday that it has become a charter member of the Citrix Systems, Inc. (citrix.com) Citrix Business Alliance, or CBA. As a CBA member, Auspex will work with Citrix to ensure compatibility of its NS3000 series of Network Attached Storage network servers with Citrix's server-based computing environment. Use of Auspex NS3000 servers for data consolidation can simplify the infrastructure and cut administrative costs associated with a Citrix implementation, the company says. UNIX and Windows data and applications, database files, current and archived e-mail, Web pages and other co

📅 Mar 4, 2002 - Globix Proceeds with Bankruptcy - Troubled Web hosting company Globix Corp. (globix.com) said today it is filing for Chapter 11 bankruptcy protection, proceeding with a previously settled plan to reduce debt to later emerge from bankruptcy. The company said it would exchange its outstanding $600 million in senior notes for $120 million in new senior notes, and 85 percent of the reorganized firm's stock. Current holders of Globix's common stock will receive about 1 percent of the new common shares, while holders of the company's preferred stock would receive about 14 percent of the new common stock. Globix also announced that it is negotiating with the landlord of its headquarters,

📅 Mar 4, 2002 - Electronic Arts Japan Selects Metromedia - Metromedia Fiber Network, Inc. (mmfn.com), a provider of digital communications infrastructure solutions, has expanded its U.S. relationship with Electronic Arts (ea.com) to provide fiber optic infrastructure, co-location services and Internet connectivity to support Electronic Arts' Internet operations in Japan. Electronic Arts says it has leveraged MFN's high-performance network to move to the forefront in delivering rich entertainment to a large online gaming community, including its best-selling online game Ultima Online, the most popular online role-playing game in Japan, as well as the focal point of the EA.com infrastructure. By using MFN's services, Elect

📅 Mar 4, 2002 - BellSouth's e-Business Centers Receive Additional Accreditation - BellSouth (bellsouth.com/ebiz) has announced its completion of SAS 70 audits and SysTrust certification for the company's e-Business Centers. BellSouth e-Business Centers, the cornerstones of BellSouth's e-Platform initiative, support a broad spectrum of e-business applications and services from within hardened facilities in Atlanta and Miami, and extend BellSouth's existing network capabilities in real-time availability and customer service. The SysTrust certification and Type II SAS 70 audit were completed during the six-month period from July to December 2001, while Type I SAS 70 was completed in June 2001. The SysTrust certification is based on performanc