Facing financial troubles, View Systems hires a turnaround specialist
DENVER - View Systems, known for its digital video cameras, is in the midst of reorganizing after operating in the red for the past two years and racking up an $11.9 million deficit.
The companyÃ¢â‚¬â„¢s board of directors recently appointed William Smith to oversee the companyÃ¢â‚¬â„¢s restructuring, which is expected to improve the companyÃ¢â‚¬â„¢s marketing and sales channel to bring product to market faster.
Company officials also anticipate reducing staff and facility expenses.
SmithÃ¢â‚¬â„¢s hiring follows a shake-up of several key executives at View Systems, resulting in the resignation of the companyÃ¢â‚¬â„¢s pres-ident and chief operating officer, Paul Reep, and Bruce Bradley, chairman of the board. Gunther Than, View SystemsÃ¢â‚¬â„¢ current chief executive officer, is expected to remain with the company.
According to officials from View Systems, the resignations come after months of promises from these executives about company performance, but with few results.
In one year the company saw its revenues decrease 68 percent, to $446,009 in 2002 from $1.3 million in 2001.
Smith said besides focusing on the companyÃ¢â‚¬â„¢s short-term goals of restructuring and mending its finances, he will work to resolve View Systems Ã¢â‚¬Å“internal bottleneckÃ¢â‚¬Â between manufacturing and marketing.
Company officials also intend to secure between $2 million to $3 million in financing by the second quarter of this year to develop product.