1/4/05 - Superformance lays off partial workforce in attempt to save money regarding the dollar to the rand rate change

SOUTH AFRICA, Jan. 4 2004 / Ronnie Kruger - President/CEO Superformance Intl. -  The "rumors" about a reorganization at Hi-Tech are true, albeit nothing sinister. Since the recent developments in the Rand vs. Dollar exchange rate, there has been a 50% loss in rand earnings from dollar exports over a period of less than 2 years and if finally necessitated SOME kind of prudent corrective action.

Like at virtually every exporting industry in SA, Jimmy took preventive steps to deter any large price increases by mothballing or eliminating non-core activities that is not contributing to the viability of the operation. This necessitated adjusting the workforce commensurately, and HiTech is now a lean and mean operation with 430 employees.

Off-site operations (like the GT project that was sited in Cape Town) have been moved to the main plant (over a year ago now) for better cost control and project management, and the development of the GT is on schedule. Other production activities remain unchanged, and deliveries are not only on schedule, but the way the reorganization was implemented, production can be increased with very short notice.

The "S-1" or Super-7 replica was discontinued a year ago already, as was reported here on the News site.

Hope this dispels some rumors