- Mobi724 Global Solutions (TSXV:MOS) is executing a contingency plan in response to the effects of the COVID-19 pandemic
- The company made the decision in light of the outbreak’s impacts on the retail, travel, and banking industries
- The contingency plan involves a temporary 30-day lay-off of some workers from Mobi724’s product customisation team in Canada
- Mobi724’s share price remains unchanged, and is currently trading at 1.5 cents per share
Finance technology company, Mobi724 Global Solutions (TSXV:MOS), has implemented a contingency plan to stave off the impact of COVID-19.
Not a single industry has gone unaltered by the pandemic’s economic impact, and the preventative measures taken to avoid it.
In light of the outbreak’s impact on retail, travel and banking industries, Mobi724 is executing a plan to save itself. The contingency plan will involve a temporary 30-day lay-off of staff from its product customisation team in Canada.
The workers affected by the lay-off will remain Mobi724 employees. The company can call them back to work with one week’s prior notice.
Mobi724 considers this to be a strategic decision, which will hopefully optimise cash flows and preserve long-term shareholder value.
Despite the lay-offs, the company intends to continue providing uninterrupted service to its existing portfolio of clients. Mobi724 will achieve this by diverting duties to team members in Montreal and Buenos Aires, who will be working remotely.
Mobi724 CEO, Marcel Vienneau, commented on the company’s reaction to the unprecedented economic downturn.
“As the COVID-19 situation continues to evolve, Mobi724 is focusing on protecting the health and safety of its team members, and continuing to work on enhancing long-term shareholder value.
“We will keep serving our valued clients during these turbulent times, while continuing to advance business development efforts in multiple geographies,” he said.
Mobi724’s share price remains unchanged, and is currently trading at 1.5 cents per share as of 9:40am EST.