Wellington Drive Technologies COVID-19 cost reductions

®
is a registered Trade Mark of Wellington Drive Technologies WT 9385

Wellington Drive Technologies Ltd
P: +64 9 477 4500 E: info@wdtl.com
21 Arrenway Drive, Rosedale, Auckland 0632
PO Box 302-533 North Harbour, Auckland 0751, New Zealand
www.wdtl.com
14 May 2020
Market Announcement
For immediate release

Wellington Drive Technologies implements further cost reduction
Wellington continues to reduce costs and manage its cashflow in response to the impact of COVID-19 on
its global customer base.
In addition to New Zealand government wage support of $434,000, the company has received or expects to
receive COVID-19 related support from other government programmes for its international offices:
• Wellington’s Australian based subsidiary is receiving Jobkeeper payments from the Australian
government for its two Australian staff members at A$3,000 per fortnight for six months and is also
expecting payment under the Australian government cash flow boost program.
• Wellington’s USA subsidiary has received US$75,000 as part of the US Paycheck Protection
Program for three of its five US-based staff members partially funding this salary cost for eight
weeks.
On top of recently announced Board fees and CEO salary reductions, Wellington’s staff have all agreed to
salary reductions ranging from 25% for senior executives to 10% for lower paid staff members. The total
reduction in fees and salaries delivers cash savings of around NZ$1.7m over the period from 1 May to 31
December 2020. All staff related reductions are compliant with government salary support scheme rules.
The company continues to explore further initiatives to ensure it can effectively manage through this lower
revenue period.
Wellington Chairman, John McMahon commented “The board is grateful to the staff for sacrificing salary to
assist the company in getting through the COVID-19 related economic challenges. The board is working
closely with management to manage through the COVID-19 crisis effectively.”
About Wellington Drive Technologies:
Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, proximity
marketing solutions, energy-efficient electronic motors and connected refrigeration control solutions. It
serves some of the world’s leading food and beverage brands and refrigerator manufacturers and offers
proximity-based marketing solutions for global food and beverage brands as well as Smart City projects in
the Australian market. Wellington’s products and services improve sales, decrease costs and reduce
energy consumption. Headquartered in Auckland with a global reach, Wellington is listed on the New
Zealand stock exchange under the ticker symbol NZ:WDT
For further information visit www.wdtl.com

WT 9385

Contact:
Greg Allen Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +1-778-238-6494 +64 27 587-0455