USA: Cyrus Industries Announces Cutbacks
Cyrus Industries Inc has announced today that it will be cutting back on its Stitch Free Technology, TSA Clothing and Tigullio Dive subsidiaries in order to focus on its more successful Diakka Watch subsidiary.
In a statement from the company president Reaece Richardson said: "Due to limited resources and the inability to immediately obtain additional financing, Cyrus has had to alter its original operating plans in order to maximize its remaining resources."
In the statement the company claimed that it had "lost the services" of the main individual behind the development of the Stitch Free Technology, but a boost in funding would enable the company to market the technology which it claims has considerable potential.
The TSA clothing company left Cyrus, due to lack of funding, and the original founders continue to manufacture and sell product under the TSA brand. The TSA brand belongs to Cyrus Industries and Cyrus has obtained legal advice on this matter and is currently in the process of preparing for litigation.
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