PFO Global, Inc., the innovative manufacturer and commercial provider of advanced prescription lenses, finished eyewear and vision technologies, has announced it has taken strategic operational steps focused on achieving cash flow break even through a targeted reduction in operating costs.
The initiative, led by a streamlining of its management organization, involves the elimination of certain positions by Dec. 31, 2015. Positions include Executive Vice President of Engineering, Chief Financial Officer, Executive Vice President of Operations and Executive Vice President of Information Technology. The Company also eliminated certain engineering and marketing positions to reduce its operating costs.
The Company also announced that it sold an aggregate of $252,000 in principal amount of an 8% original issue discount senior secured convertible debenture to Hillair Capital Investments L.P. for an aggregate purchase price of $225,000 on November 13, 2015. The Company also issued to Hillair a five year warrant to purchase an aggregate of 126,000 shares of its common stock.
“We are focused on achieving near term cash flow breakeven through the prudent and responsible reduction of certain executive positions. We believe these reductions will result in a material reduction in overhead, while not directly affecting growth in our top line revenues. These efforts remain consistent with our goal of creating sustainable long term shareholder value,” said Ruedi Suter, President and CEO of PFO Global.