Author Topic: Restructure Announcement  (Read 29 times)

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Restructure Announcement
« on: October 22, 2018, 09:33:34 PM »
Source :

Giga Watt Restructuring and Policy Changes
To: Giga Watt Clients and Watt Token Holders

I’m certain you have all read or heard the news about leadership changes, layoffs, and the general shakeup here at Giga Watt. Please accept my apologies for taking a full week to publish this message to you all, but we needed that time to put together our plan to keep the company moving forward. Part of that plan is to be as transparent with you as possible. I know that has been a problem in the past, but that was outside our control.

I believe that we can still make this company work for all of us; owners, clients and employees alike. That is why I am still here, and why our remaining team is working long hours to drive things forward. We believe that Giga Watt can succeed. We believe that it can be saved and that we are the team to do it.

We have a two-part plan to save the company in the immediate and short-term, and then to transition to a more sustainable and mutually profitable business model in the longer term. The immediate plan involves drastic cuts in corporate spending (you saw the first step in the form of layoffs last week), as well as steps to increase revenues to meet our financial obligations.

Among the immediate steps toward both ends are:

- Renegotiate all corporate rentals and purchasing plans, to include office spaces and any other non-GW sites/equipment, or drop them altogether

- Move our remaining people into smaller facilities, which will save money and help reduce communication times among varying functions

- Temporarily raise rates for WTT holders to 6 cents per kW hour

- Use non-GW facilities that we have access to in order to run miners for GW, as a source of direct revenue

The temporary increase in WTT fees will likely be the point of greatest concern for you, and it was for us as well. In the spirit of transparency that I mentioned earlier, we believe it is unavoidable if we wish to continue operating as a company. The choice before us and you are either to make sacrifices and difficult choices now and thereby preserve the company, or continue operations as they had been before, and follow that unsustainable path to failure.

Continuing in our efforts towards transparency, we will post our changes and plans as we finalize them. With that said, if you want your equipment returned to you after reading this update, please contact us and we can work together to make the necessary arrangements. We hope that you will stand with us as we try to move the company forward and create a better future for all of us, but we will understand if you choose otherwise.

George Turner
Managing Director,
Giga Watt, Inc.