SAN JOSE, Calif., Nov 08, 2005 -- LogicVision, Inc. (Nasdaq: LGVN), a leading provider of yield learning technology that enables its customers to quickly and efficiently improve product yields, today announced that it is implementing a restructuring plan to reduce its North American workforce by approximately 20 percent, and is taking other measures to reduce costs. About LogicVision Inc.
Management estimates that total costs related to the restructuring will be approximately $1 million, incurred primarily over the next three to six months.
"We expect this restructuring, coupled with senior level organizational changes, will streamline our operations, lower our operating expenses and result in savings of approximately $3 million to $4 million annually, beginning in the first quarter of next year," said James T. Healy, president and CEO. "We were careful not to reduce our resources for customer support, as our customers' satisfaction remains one of our highest priorities.
"We remain committed to growing our revenues and reaching profitability in 2006," he said.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for embedded test that enable the more efficient design and manufacture of complex semiconductors. LogicVision's embedded test solution allows integrated circuit designers to embed into a semiconductor design test functionality that can be used during semiconductor production and throughout the useful life of the chip. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com