Full Press Release Details
RETRACTABLE TECHNOLOGIES, INC. ANNOUNCES WORKFORCE
LITTLE ELM, TX, March 27, 2023 - Retractable
Technologies, Inc. (NYSE American: RVP) reports that it has reduced its workforce by approximately 22%. The reduction is due to the decreased
need for domestic production and production support personnel. The staff reduction primarily affects the Company's production, operations,
and logistics departments. The reduction will result in an overall annualized savings of approximately $1.7 million, or 13% in annualized
payroll expense, offset by separation costs which are expected to be approximately $154 thousand. The Company expects that it will be
able to meet its current level of domestic production needs after the headcount reduction and will continue to have significant domestic
production capacity.
Retractable manufactures and markets VanishPoint
and Patient Safe safety medical products and the EasyPoint needle. The VanishPoint
syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle
directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe syringes are uniquely
designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint is a retractable
needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint
needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general
more information on Retractable, visit its website at www.retractable.com.
Forward-looking statements in this press release
are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current
views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate.
However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from
Factors that could cause or contribute to such
differences include, but are not limited to: supply chain disruptions, Retractable's ability to scale up production volumes in response
to an increase in demand, potential tariffs, Retractable's ability to maintain liquidity; Retractable's maintenance of patent protection;
Retractable's ability to maintain favorable third party manufacturing and supplier arrangements and relationships; foreign trade risk;
Retractable's ability to access the market; production costs; the impact of larger market players in providing devices to the safety market;
and other risks and uncertainties that are detailed from time to time in Retractable's periodic reports filed with the U.S. Securities
and Exchange Commission.
Retractable Technologies, Inc.
John W. Fort III, 888-806-2626 or 972-294-1010
Vice President, Chief Financial Officer, and Chief