HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Vicon Industries, Inc. (OTCQB: VCON) today announced that the company is implementing a restructuring plan to improve the overall operating efficiency and performance of its business. These efforts are aimed to position the company for long term growth and profitability.
The Company is taking several steps including reducing overhead expenses, consolidating operations, and restructuring personnel to put the company on a path toward profitability over the next several quarters. The Company plans to provide specific details about these changes in its next quarterly report.
Vicon’s Chairman and CEO, Saagar Govil, commented, “We have now taken a number of steps to put Vicon on a path for long term success. We believe that Vicon has a bright future and with the changes we are making the company will be more competitive and valuable over the long term. Our immediate goal is to get the company to a cashflow positive situation and we hope to accomplish this by the end of the next fiscal year.”
Vicon Industries, Inc. (OTCQB: VCON) is a global producer of video management systems and system components for use in security, surveillance, safety and communication applications by a broad range of end users. Vicon’s product line consists of various elements of a video system, including video management software, recorders and storage devices and capture devices (cameras). Headquartered in Hauppauge, New York, the Company also has offices in Yavne, Israel and the United Kingdom. More information about Vicon, its products and services is available at www.vicon-security.com.
Special Note Regarding Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to our new product offerings and our proposed fundraising activities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to: our history of losses and negative cash flows; our need for additional financing; market acceptance of our products; our ability to manufacture and develop effective products and solutions; indebtedness to our secured lender; current and future economic conditions that may adversely affect our business and customers; potential fluctuation of our revenues and profitability from period to period which could result in our failure to meet expectations; our ability to maintain adequate levels of working capital; our ability to incentivize and retain our current senior management team and continue to attract and retain qualified scientific, technical and business personnel; our ability to expand our product offerings or to develop other new products and services; our ability to generate sales and profits from current product offerings; rapid technological changes and new technologies that could render certain of our products and services to be obsolete; competitors with significantly greater financial resources; introduction of new products and services by competitors; challenges associated with expansion into new markets;; and, other factors discussed under the heading "Risk Factors" contained in our Registration Statement on Form S-3 filed with the Securities and Exchange Commission on January 5, 2018. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.