VERSES Restructures to Focus on Core Target Market

VERSES announced a restructuring to concentrate on its core target market. Management said those plans are forward-looking and depend on several assumptions, and there is no assurance they will be realized.

VERSES announced a restructuring intended to concentrate the company's efforts on a defined core target market. Management described the statements about the plan as forward-looking and said they rely on a number of assumptions. Those assumptions include expected operating cost reductions, improved liquidity, continuity of operations and vendor and customer relationships, and retention or recruitment of key staff. Management also said the plan depends on demand in the chosen market materializing as expected. Key points: - VERSES has announced a restructuring to focus on its core target market. - Management labeled commentary about the plan as forward-looking and subject to uncertainty. - Assumptions listed include operating cost reductions and improvements to the company’s liquidity position. - Management said continuity of operations, systems, vendor relationships and customer service is expected during and after the restructuring. - The company noted the plan depends on retaining or recruiting leadership and critical staff and on demand in the target market materializing. Summary: Management stated that the restructuring is intended to allow faster speed to market and market share capture if the assumptions hold, but also cautioned that there can be no assurance the plans will be completed or prove correct. Undetermined at this time.