Business
Intouch Insight Ltd. announces business update
Intouch Insight Ltd. announces business update Canada NewsWire OTTAWA, March 23,...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nIntouch Insight Ltd. announces business update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOTTAWA, March 23, 2020\n\n\n\nOTTAWA, March 23, 2020 /CNW/ - Intouch Insight Ltd. (\"Intouch\" or the \"Company\") (TSXV: INX) (OTCQB: INXSF) today provides a business update regarding the impact on Intouch of the global crisis surrounding COVID-19. The widespread shut down of North American companies in the retail, foodservice and hospitality industries will negatively impact Intouch's recurring service revenues. It is unknown at this time, the extent of the impact, but the expectation is significant until stores across North America can re-open their doors.  The Company continues to market and has available to its customers its recurring revenue software products, including its customer experience management platform; LiaCXtm and its forms and checklist automation product; IntouchCheck.\n\"As one of the largest and fastest-growing companies in our industry, we are taking immediate actions to ensure that, when this crisis is over, the Company emerges in a strong position to service our customers and acquire new relationships,\" said Cameron Watt, President and CEO. \nIntouch needs to remain financially lean and robust during this uncertain time, and the Company has temporarily laid off approximately 50% of its employees. Additional cost-cutting measures include temporary pay cuts across most of its remaining employee base and more substantial voluntary pay cuts by its executive team and CEO. The Board of Directors is waiving its fees for the upcoming quarter. Due to travel restrictions and the need to focus on its current business, the Company has also had to put the process around its previously announced non-binding Letter of Intent to acquire a North American customer experience measurement company (the \"Vendor\") on hold. Both parties expect that they will be able to re-start the acquisition process when suitable business conditions arrive.\n\"Des...