In a statement to the ASX, Vice Admiral AO RAN - Don Chambers, chairman at Zylotech, said the vendor has signed a new distribution agreement which will take it into the Indian market and has signed a three year distribution agreement with its supplier Vivotek.
According to Chambers the vendor is also planning to launch its Smart G IP security surveillance solution, in conjunction with its distributor partner, Avnet.
Internally, Zylotech plans to re-structure the business, which involves the downsizing of the company, which will help the company save $ 1million per annum, he claimed.
"As part of the re-structure of the business, the Board has determined the role of the CFO is no longer required by the company and has made the position redundant," stated Chambers.
"The CEO, financial controller and other officers of the company will perform duties carried out by the CFO."
Although Steve McKay, previously the CFO, will no longer have a job to go back to once his tenure as interim CEO comes to an end.
Chambers said he will however remain as a director.
He stated the company was evaluating various funding options and will make an announcement as soon as a decision is made in regards to those options.
The announcement comes off the back of recent internal trouble for Zylotech.
In December 2008, the Board asked its former CEO, Nicholas Sikiotis, to resign.
However Sikiotis refused to resign quietly and told CRN in an exclusive interview that he was set-up by the board.
CRN will keep readers updated of any further developments.
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