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The consolidation of Videology operations is being undertaken to increase efficiencies and lower operating costs associated with the current operation of Videology.
The consolidation is expected to be substantially completed by the end of 2025 at which point the Company intends to fully vacate the Netherlands facility.
As a result of this action, the Company expects to incur cash charges for severance and other one-time termination benefits of $350,000.
In addition, the Company expects to incur cash charges for other costs related to the facility consolidation, including moving costs, costs associated with the termination of the Netherlands facility lease and other consolidation costs, ranging from $200,000 to $300,000.
Posted In: INTT
