📅 - iAsiaWorks (iasiaworks.com), a provider of hosting services in the Asia-Pacific region, announced today that the company has "significantly reduced staff in its U.S. and Hong Kong operations."
The company says the cost-cutting measures are being taken in order to preserve funds while the company looks for other ways to secure funding and "explore alternative to fully fund its business plan." iAsiaWorks reduced its staff numbers from 288 to 161, including 50 positions in its Burlingame, California unit and 77 in Hong Kong. The company says the impact of the restructuring and extraordinary costs will result in a Q2 charge of approximately $700,000. However, the company expects to save $9 million per year in operating expenses.
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