Attached files
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| EX-99.1 - TRANSWITCH CORP /DE | v172862_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of
earliest event reported):
February 1, 2010
(Exact
name of registrant as specified in its charter)
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DELAWARE
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0-25996
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06-1236189
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(State
or other jurisdiction of
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(Commission
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(I.R.S.
Employer
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incorporation)
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File
Number)
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Identification No.)
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Three
Enterprise Drive
Shelton,
Connecticut 06484
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code: (203) 929-8810
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
On
February 1, 2010, TranSwitch Corporation (“TranSwitch”) announced that it
recently effected a restructuring to be implemented and concluded during the
first quarter of 2010.
TranSwitch
expects that such restructuring and other cost reduction initiatives will result
in annual savings of approximately $4.0 million, and that these savings will
begin to be recognized in the first quarter of 2010. Of this amount,
TranSwitch expects annual savings of approximately $2.4 million in reduced
employee related costs including base salary reductions and $1.6 million from
other cost savings initiatives.
In
connection with the restructuring, TranSwitch expects to incur pre-tax
restructuring charges of approximately $1.4 million which will be cash
expenditures primarily for employee related costs. TranSwitch expects these
charges to be recorded in the first quarter of 2010. A copy of TranSwitch’s
press release announcing this information and certain other information is
attached as Exhibit 99.1 to this filing.
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(d)
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Exhibits.
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Exhibit
No.
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Description
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99.1
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Press
Release, dated February 1,
2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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TRANSWITCH
CORPORATION
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February
1, 2010
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By:
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/s/ Robert A. Bosi | |
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Name:
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Robert A. Bosi | ||
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Title:
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Vice
President and Chief Financial Officer
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Exhibit Index
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Exhibit
No.
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Description
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99.1
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Press
Release, dated February 1, 2010.
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