TRX Announces Change in Preparation For 2009
Wednesday September 24, 4:05 pm ET
TRX Emphasizes Product Focus in Travel Technology and Data Services with the Hosted Software Model
ATLANTA, Sept. 24 /PRNewswire-FirstCall/ -- TRX, Inc. (Nasdaq: TRXI - News), a global technology company that develops and hosts software applications to process data records and automate manual processes, announced significant changes to reduce costs and realign resources to leverage the product strategy focused on hosted software development and delivery in travel technology and data services.
"Based on the economic outlook for 2009 and our own previously announced client transitions, we are making changes to ensure the success of our strategic focus on online booking (RESX), reservation processing (CORREX), and data intelligence (TRAVELTRAX and TRX Travel Analytics)," said TRX President & CEO, Trip Davis. "These are hosted technologies with less reliance on large-scale, outsourced processes and services. Our objective is to shorten sales cycles, add more clients, and scale the business."
"The progress in 2008 with the product set, the client base, and the sales pipeline is encouraging," Davis continued. "The changes that we are making now emphasize our clear and desired focus on the technologies where we can lead and grow, delivering value for our clients through automation and analytics. This focus is the heart of our transformation from a labor-intensive outsourcing company to a more nimble and scalable travel technology and data services leader."
"We have a disciplined planning process at TRX, and we are moving decisively to right-size our costs for 2009 and continue investment in our technology product set. Compared to where we began in 2008, we expect our costs in 2009 to be a full one-third lower," said David Cathcart, Chief Financial Officer. "Our projections for the rest of this year are in line with expectations and previously announced guidance for 2008."
surf's up......crikey
