Top Info Technology Holdings (Top-Tech) has lost both its chairman and CEO, and the company has issued a warning about its financial results.
Zaptronix has also issued a warning, saying that it does not expect to achieve forecast profits as a result of delays in receiving a lb5.8 million order relating to the KidCard project with Hitachi.
Top-Tech chairman Justin Adriaanse and CEO Chris Kleingeld have resigned with immediate effect, the company says. Hans de Nysschen has been appointed CEO.
Neither could be reached for comment this morning, but Business Day reports that Adriaanse, who would not discuss whether the move was amicable, describes his resignation as an early retirement.
The company has warned that "results for the half year to 31 December 2000 are expected to be materially different to forecast".
Zaptronix says the agreement with Hitachi, relating to the KidCard project, stipulates that Zaptronix was to have received an initial lb5.8 million order for devices before the end of the financial year to 30 April 2001.
"In order to meet their launch date, production capacity was freed up at the expense of existing work," it says.
"Hitachi has now informed the directors that the intended launch date has been delayed." It adds that the delays have had a negative financial effect due to reduced throughput in its systems division.
The company adds that it remains well capitalised with substantial cash on the balance sheet.
It also says heads of agreement have been signed with a subsidiary of Invensys, which will add about $2.85 million turnover to the systems division.
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