* To: SLUG@Sunset.AI.SRI.COM * Subject: 1/13/93: SYMBOLICS ANNOUNCES WORK FORCE REDUCTION * From: David H. Kaufman * Date: Thu, 14 Jan 1993 15:19-0500 Contact: Bill Clarke (508) 287-1351, Richard Waltz (508) 287-1049 SYMBOLICS ANNOUNCES WORK FORCE REDUCTION CONCORD, Mass. January 13, 1993 -- Symbolics, Inc. (NASDAQ: SMBX), following a disappointing 29 percent decline of revenues in the Company's second quarter ending December 31, 1992, which was previously reported, announced it will reduce its work force of 110 by 36 percent. The Company is experiencing liquidity difficulties and needs to obtain additional financing in the near term to fund its operations. In addition to the announced work force reduction, the company continues to review all of its financial alternatives, including selling the Company, obtaining additional financing and seeking the protection of federal bankruptcy laws. Kenneth J. Tarpey, Symbolics' President and Chief Executive Officer, stated, "The revenue decline in this past quarter, and the resulting cash shortage, leaves us with little alternative but to reduce our work force. In addition to these reductions, we are continuing to seek ways to contain costs and restructure the Company and its financing to increase our liquidity and to fund continuing operations." Symbolics Inc. (NASDAQ: SMBX), headquartered in Concord, Massachusetts, is a leading provider of symbolic processing technology used in sophisticated applications, including on-line decision support, expert systems and scheduling and planning. The Company provides software and hardware tools and consulting services to some of the world's largest corporations, devising application solutions to mission-critical business problems in the government, telecommunications, manufacturing, utilities and transportation industries.