Northern Power move will cost jobs

first_imgDISTRIBUTED ENERGY COMBINING NORTHERN POWER & PROTON ENERGYTO STRENGTHEN OPERATIONS, REDUCE COSTWALLINGFORD, CT, January 31, 2007 — Distributed Energy Systems Corp. (NASDAQ: DESC), today announced it will combine its two subsidiaries Northern Power Systems and Proton Energy Systems — to reduce cost and strengthen systems sales, engineering, production, service and technology development.The company, which creates and delivers products and solutions for the decentralized energy marketplace, said the reorganization will result in a charge against 2007s first-quarter results of approximately $1.0 million, or $0.03 per share, to account for staff reductions, reflecting the elimination of about 60 jobs, or 20% of the workforce, and related expenses. The reorganization is estimated to result in savings of approximately $4-$5 million, on an annualized basis, beginning in the second quarter of 2007. In addition, the Waitsfield, VT, location will be closed, and its activities moved to the companys 110,000-square-foot Barre, VT facility.During the past year, it became increasingly clear that we would benefit going forward by implementing our strategy now, to become a one-company organization, said Ambrose L. Schwallie, Distributed Energys chief executive officer. We expect these changes to improve sales and marketing effectiveness, reduce costs, enhance efficiencies of our systems engineering, products and service capabilities, and enable more and better cross-fertilization in advanced technology development.This new functional structure, Mr. Schwallie continued, allows us to focus more precisely on the markets, critical business drivers and capabilities that give Distributed Energy the best prospects for the higher-margin revenues we need to foster strong, sustained, profitable growth. Taking this action promptly will, we believe, enable the company to make better progress toward our goal of reaching profitability.Markets and OrganizationDiscussing the reorganization further, the Distributed Energy CEO cited the companys emphasis on power generation and power electronics systems, systems engineering and combined heat-and-power projects, products and services for oil and gas exploration markets, larger-scale wind projects for power generation, and commercial hydrogen, renewable fuels, and waste-to-energy technologies.To implement the reorganization, Mr. Schwallie also announced the appointment of three senior vice presidents to company-wide functional positions, all reporting to him:”Mark Murray now leads the sales and marketing functions for all of Distributed Energy products, systems and services. Mr. Murray most recently headed the companys commercial hydrogen business.”Betsy Anderson assumes responsibility for all of the companys engineering, production, project management and service activities, expanding her prior operating responsibilities beyond energy systems, products and services.”Robert Friedland takes on management duties encompassing all technology innovation, including the hydrogen research and development programs that he previously ran.Under their experienced leadership, Mr. Schwallie said, the company will work to strengthen lines of communication and operating efficiencies within the company, improve our impact in the marketplace, and continue to pursue the ideas and technologies that can enable Distributed Energy to be one of the leaders in alternative and renewable energy solutions.Mr. Schwallie concluded: This new unified focus should begin to be reflected in 2007 operating results. We believe this new, revitalized organization will put Distributed Energy in a stronger position to drive improved operating margins, and better serve markets where our capabilities and business models deliver valuable benefits to customers, now and in the years ahead.About Distributed Energy Systems Corp.Distributed Energy Systems Corp. (NASDAQ: DESC) creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality and reliability. The company delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information visit http://www.distributed-energy.com(link is external).last_img read more

Shot teen waitress still to undergo surgery

first_imgAlmost one week after she was shot in the chin, 16-year-old waitress Onika Luke is still awaiting surgery at theOnika LukeWoodlands Hospital to have the bullet lodged in her throat removed, relatives have said.Luke, a student of St John’s College who works part-time as a waitress at the Lucky Star Chinese Restaurant, Better Hope, East Coast Demerara, was shot by a lone gunman while at work on Friday.According to the teenager’s brother, Rickford Ranjee, doctors have delayed the surgery until the young woman’s condition improves.Ranjee told Guyana Times that his sister was still a patient in the Intensive Care Unit (ICU) of the hospital.He, however, complained that doctors have not been adequately updating his family about Luke’s condition apart from indicating that she would be cleared for surgery after the blood clotting had reduced.He said the delayed surgery was putting a significant financial burden on the family.“From Friday night to yesterday (Tuesday), we had to pay over $1 million for Onika’s treatment because we are still waiting for the surgery,” he disclosed.Luke is still unable to speak and the family has observed that she is having difficulties in moving around. Ranjee related when doctors were questioned about what might be the cause of her difficulties, no answers were provided.“She can’t talk or anything and they had to bore a hole in her throat and use a tube so that she can breathe. We think her spine was damaged too, but doctors can’t confirm it yet,” he related.In the meantime, the family is hoping that doctors operate quickly on the young lady so that she can begin her recovery.On the evening of May 27, about 22:45h, Luke was on duty when a lone customer entered the restaurant and ordered a half serving of vegetable fried rice.After paying for his order, the man allegedly held on to Luke’s hand, while pointing a firearm at her and demanding that she handed over the cash.Reports are that the teenager put up a fight and it was during this that the man discharged a round in her direction, hitting the St John’s College student in the chin.She was picked up and rushed to the hospital.At the hospital, the teenage girl provided a written description of her attacker who was said to be the same man who had threatened to kidnap her a few days earlier.She had noted that the man has a tattoo on his neck and frequented the restaurant.last_img read more

IMF Boss to Meet with Legislature

first_imgThe Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde, has reportedly expressed the desire to engage the Liberia National Legislature during her two-day visit here July 16 and 17.The IMF boss’ request was conveyed to the Senate last Thursday in a letter from President Ellen Johnson-Sirleaf.According to President Sirleaf, Ms Lagarde will use the opportunity of her visit “to gain a deeper understanding of Liberia’s post-Ebola challenges and discuss with key stakeholders, opportunities for partnership support to Liberia. She has expressed a particular desire to engage the Legislature.”President Sirleaf reminded the lawmakers that the IMF is a key international financial institution which includes Liberia’s membership that goes back to the 1960s. It serves as a key partner to Liberia by working through the Ministry of Finance and Development Planning and the Central Bank of Liberia. This support, President Sirleaf noted, is largely achieved through programs that provide balance of payment support to the Central Bank of Liberia (CBL).“I should also note that the IMF provided exceptional support to Liberia during the Ebola crisis. In view of this, I ask that you honor Ms Largarde’s request by convening a joint session of the 53rd Legislature to provide her the opportunity for this engagement. The interaction, the President suggested, could be scheduled for Friday, July 17, at an hour appropriate to the Legislature.The letter was turned over to the leadership of the Senate which is expected to advise plenary thereon today.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more