LONGUEUIL, Quebec, March 24, 2020 (GLOBE NEWSWIRE) -- In the wake of the COVID-19 fallout, its impact on the Corporation’s business, and health and safety orders issued by the federal and Quebec governments, D-BOX Technologies Inc. (DBO.TO), a world leader in immersive entertainment experiences, announces today that it has proceeded with the temporary layoff of a significant portion of its workforce. All other employees will have reduced work hours and compensation during this critical period, and will perform their work in accordance with such federal and Quebec government orders. Management and the Board of Directors have chosen to reduce their compensation during the pandemic.
The measures affecting employees were extremely difficult to take but will help ensure the Corporation’s sustainability while preparing it to address the post-COVID-19 market. The Corporation will continue to serve its clients during this unprecedented crisis.
“Movie theatres around the world are closing and all of our other sectors have been hit at various degrees. We are taking this action so that we can maintain our core operations and manage through the crisis. We will be there when our customers are ready to experience D-BOX again. In the meantime, we will closely monitor the situation on a daily basis, and we will constantly reassess the measures that were taken,” said Mr. Claude Mc Master, president and CEO of the Corporation.
“Our primary goal is to protect the health and safety of our employees. We want to take this opportunity to thank them for their dedication and hard work. We wish them well during this difficult time. We are also in constant communication with our partners to find solutions as the strength and transparency of those relationships will help us mitigate the impact of this crisis and provide a strong basis to resume our business relations after the pandemic : we remain connected in this business ecosystem,” said Mr. Sébastien Mailhot, Chief Operating Officer.
D-BOX redefines and creates realistic, immersive entertainment experiences by moving the body and sparking the imagination through motion. D-BOX has collaborated with some of the best companies in the world to deliver new ways to enhance great stories. Whether it’s movies, video games, virtual reality applications, themed entertainment or professional simulation, creating a feeling of presence that makes life resonate like never before.
D-BOX Technologies Inc. (TSX: DBO) is headquartered in Montreal, Canada with offices in Los Angeles, USA and Beijing, China.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
Certain statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Investors are cautioned not to place undue reliance on forward-looking statements. D-BOX disclaims any intent or obligation to publicly update these forward‑looking statements, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION, PLEASE CONTACT:
|D-BOX Technologies Inc. |
Chief Financial Officer
450-442-3003, ext. 296
|Steve Li |
Vice-President Investor Relations and
450-442-3003, ext. 403