RICHARDSON, TX -- March 30, 2001 -- Panja Inc. (Nasdaq:PNJA) today
announced that it has reduced its workforce by approximately 10%,
resulting in the elimination of 47 jobs in the US. Associated with this
action, the Company will incur severance expenses in the fourth quarter
ending March 31, 2001.
"Due to the well-documented economic environment, we believe it is
necessary, though painful, to take these measures to streamline our
operations," commented Scott Miller, President and CEO. "This action is
taken in conjunction with a Company-wide review as we look to refocus
on our core businesses and drive to improve performance and
profitability."
Panja (Nasdaq:PNJA) designs, develops, and markets advanced electronic
equipment software that extends Internet content to non-PC devices that
target both the consumer and enterprise markets. These devices deliver
information and entertainment direct to existing electronic devices,
including stereos and televisions, to optimize the benefits of
broadband access. Panja's strategy is to work with leading technology
companies, content providers and distribution partners to develop
broadband entertainment applications, further integrate its products
with other devices, and lead the creation of solutions that extend the
Internet beyond the PC. For more information about Panja, visit
www.panja.com.
