Employee negotiations concluded at Tecnotree
Stock Exchange Release, 29th September 2009 at 12.00 noon
The employee negotiations, started on 31st August 2009, relating to the possible restructuring of VAS (Value Added Services) business unit and the possible terminations of employee contracts on production and financial grounds, have been concluded.
The number of personnel will be reduced in Finland by 20 employees. This and other cost saving operations will cause over EUR 4 million annual savings and will have a full impact as from the beginning of 2010. The action taken will cause costs of some EUR 0.5 million during the third quarter, mainly for salaries paid for the period of notice.
TECNOMEN LIFETREE CORPORATION
Jarmo Niemi, CEO, tel. +358 400 688 097
NASDAQ OMX Helsinki Ltd
Tecnotree, (Tecnomen Lifetree) founded in 1978, is one of the leading suppliers of Business and Operations Support Systems (BSS/OSS) and Value Added Services (VAS) for telecom operators worldwide. Tecnotree markets and sells its products and services through its own organisation, as well as through global and local partners, and has supplied its products to more than 120 customers around the world. Headquartered in Espoo, Finland, Tecnotree has over 800 employees working in 20 locations worldwide. The company is listed on the main list of NASDAQ OMX Helsinki Ltd with the trading code TEM1V. For more information on Tecnotree visit www.tecnotree.co