- Environmental Clean Technologies (ECT) has activated its business continuity plan and moved to a state of 'care and maintenance'
- This decision comes off the back of an economic slow down due to the COVID-19 pandemic
- The innovative tech company has closed its office and staff are working from home
- Activities at its Bacchus Marsh facility have been scaled back despite being in the advanced stages
- To preserve cash for the facility during the current crisis, ECT has decided to reduce executive compensation by 50 per cent, make staff cuts, and staff who remain will have their hours reduced
- Company shares are currently suspended and last traded for 0.1 cents each
Environmental Clean Technologies (ECT) has activated its business continuity plan and moved to a state of 'care and maintenance'.
This decision comes off the back of an economic slow down due to the COVID-19 worldwide pandemic.
Environmental Clean Technologies is an innovative tech company that aims to increase the economic and environmental benefits from low-grade, low-rank and waste resources. This is to lead a 'zero-emissions' future.
Nearly two weeks ago, ECT closed its South Yarra-based office and required its staff to work from home. Activities at the company's Bacchus Marsh research and development facility have also been significantly scaled back.
The engineering and design activities for the upgrade project at the Bacchus Marsh coldry facility are well-advanced. But in light of things, it is clear that further activities that rely on third parties will move at a much slower pace.
"The health and well-being of our staff and our various business partners, as well as the wider community, is of utmost importance," as stated in today's announcement.
Due to these unforeseen circumstances, ECT will continue to identify and prioritise any activities that can be finalised in-house and with less dependency on external parties.
Additionally, to preserve cash for the Bacchus Marsh project, a number of sensible measures have been implemented.
ECT has reported that total cash remuneration of directors and executives will be reduced by more than 50 per cent, redundancies will be implemented where necessary, staff that remain employed will do so on a reduced basis, and the use of contractors in various parts of the business will be either reduced or ceased.
"These measures will remain in place for a least 4 weeks and will be reviewed and eased as and when conditions improve," the company stated.
Company shares are currently suspended and last traded for 0.1 cents each.