As part of the recently announced cost-cutting program, Serstech is in the process of reducing staff by six people. The people being let go have been notified and negotiations with the different trade unions have been ongoing for the last ten days. As per Swedish law, staff reductions are pending trade union negotiations and are not in effect until the negotiations are completed.
Today, the negotiations were finalized and the staff members have therefore been formally notified of the termination of their employment contracts. One of the staff members is Johan Diedrichs, who as VP R&D is part of the management team, and his last day with the company will be May 27.
"The combination of reduced staff and the cash from the recent rights issue has made sure we are in good shape, both to weather the current storm and to quickly get up to speed again after it. As the staff is reduced, there is less need for managers and we have therefore taken the step to reduce the number of managers in the company and the management team", says Serstech CEO Stefan Sandor.
For further information, please contact:
Stefan Sandor,
CEO, Serstech AB
Phone: +46 739 606067
Email: ss@serstech.com
Thomas Pileby,
Chairman of the Board, Serstech AB
Phone: +46 702 072643
Email: tp@serstech.com
Company website: www.serstech.com
This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above at 15:35 CET on March 31, 2020.
Certified advisor to Serstech is Västra Hamnen Corporate Finance AB, phone: 040-20 02 50, e-mail: ca@vhcorp.se
About Serstech
Serstech delivers solutions for chemical identification and has customers across the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech's solution.
Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com
