Smartire to close UK plant by March, cutting R&D effort

Richmond, British Columbia, Canada -SmarTire Systems Inc.said it has completed its restructuring of operations. This includes halving the workforce since September of 2006, reducing engineering and technical staff.

SmarTire President and CEO Dave Warkentin said, “Since September, our overall staff level has been reduced by approximately 50 percent. As part of this initiative, we plan to close our UK facility at the end of February, 2007." He continued, "In addition, we were able to reduce our engineering and product development team as we have now completed the development of our tyre pressure monitoring system which meets the requirements of our major commercial vehicle customers. We continue to make aggressive efforts to grow our revenue.”

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