The company also plans to reduce other spending in all areas; and rationalize expenses associated with being a public company by cancelling DragonWave’s dual listing on AIM(DragonWave’s common shares will continue to be listed on the Toronto Stock Exchange (TSX). The company expects to save C$4 million in total annualized cost and operating expenses as a result of its cost reduction efforts.
Peter Allen, CEO of DragonWave, said: The measures that we have taken today are designed to make DragonWave more resilient to this market uncertainty whilst firmly retaining the ability to fully meet the needs of existing customers and scale upon success with those new customers that are able to move forward.
DragonWave designs, develops, markets and sells microwave equipment offering high capacity broadband wireless systems for network operators and service providers.
Earlier in September, Altitude Infrastructure, a subsidiary of Altitude Group, has selected DragonWave products to provide high capacity Ethernet backhaul to rollout WiMAX broadband services across France.
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