Bolder is restructuring

Advanced Battery Technology,  Feb 2001  

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Bolder Technologies Corporation, Golden, Colorado, has announced immediate cost reduction measures resulting in the elimination of 89 full- and part-time positions out of a total of 126.

The cost reduction initiatives were prompted by the company's review of its sales through December 31, 2000, sales forecasts for 2001, and the current retail climate. Fluctuations and uncertainty in the capital markets have impacted the company's ability to raise financing needed to fund operations at current levels. Bolder will record a change to its operations in the first quarter of 2001 to reflect the restructuring.

Roger F. Warren, chairman, president, and CEO, said, "Despite this cutback, we are maintaining a core of technical, sales, and administrative staff. We plan to continue to develop new TMF cells for use in future advanced engine starting applications, including the upcoming auto industry conversion from 12V to 3 6V batteries and new hybrid electric vehicle systems. We will also continue to explore opportunities for raising additional capital while pursuing other strategic alternatives available, including the engagement of a significant partner who can provide both funding and product application expertise.

He added that if additional capital is not forthcoming, they would have to consider other options, such as the sale of the company or a further reduction in operations. Bolder also recently announced an early stage relationship with GP Batteries, a Singapore Stock Exchange listed company that is a world leader in the manufacture of spiral wound rechargeable batteries. If fully implemented, GP would assume the overall responsibility for production of TMF cells, generating significant additional cost savings for Bolder and enabling it to focus on product development and marketing/sales in North America and Europe. Outsourcing to GP Batteries is dependent on Bolder's ability to raise new capital for finding operations over the next 12-15 months prior to an eventual transfer of manufacturing operations to GP.

Copyright Seven Mountains Scientific, Inc. Feb 2001
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