Bus

ISE reduces workforce

Posted on July 14, 2010

ISE Ltd. implemented a reduction in force of 45 employees across all functional areas to lower costs and conserve capital while the company actively seeks additional financing.

ISE believes that, despite these reductions, it can continue the regular day-to-day operation of its business.

ISE's viability and ability to continue as a going concern is dependent on securing additional capital, according to the company. ISE is actively seeking to raise additional capital through debt or equity or other capital raising efforts, which may include a sale of assets. ISE is also considering other strategic alternatives.

The company's existing cash and cash equivalents will not be sufficient to meet ISE's anticipated cash needs beyond July 2010 unless such additional financing is obtained or such other capital raising transaction is consummated, according to the company.

 

View comments or post a comment on this story. (0 Comments)

More News

New Smith System training tools focus on bus and transit drivers, passengers

The collection teaches bus drivers how to use The Smith5Keys® to create a safer environment inside and around the bus.

MCI awarded Ga. state transportation contract for D4500, D45 CRT LE

The contract permits authorized state and local Georgia public entitles to purchase the vehicles.

New Flyer opens high-tech bus part fabrication facility in Ky.

The opening follows from New Flyer’s announcement in Nov. 2017 to invest $28 million in the state.

Calif.'s MST wraps its first five-year plan with the Monterey Jazz Festival

In celebration of the festival’s recent 60th Anniversary, MST revamped the exhibits to showcase a new generation of performers from the most recent festivals.

VIA selected to receive $2M grant for electric vehicles

The FTA is making $84.45 million available nationwide in selections for the Low- or No-Emission Grant program.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation