The plan includes an immediate staff reduction of approximately 50 employees from its office in Israel. These positions are directly and indirectly related to operations and general administration of the company. It estimates that this strategic action will eliminate payroll and related expenses by approximately $2.6 million, on an annualized basis, with the benefit expected to be first realized in the second quarter of 2009.
Medis Technologies has also announced that it is fully engaged in conversations with its major suppliers of goods and services, and has started to restructure its vendor processes and agreements.
The company’s first-generation portable fuel cell generator products – the Medis 24/7 Xtreme Portable Power Solution, and the Medis Fuel Cell Power Emergency Kit – are now being sold by two major online retailers in the US.