LecStar Telecom Inc., a wholly owned subsidiary of Fonix Corp. offering a full array of fixed-wireline voice, data, Internet and operator services to business and
residential customers in the Southeast, has entered into a management agreement with Lightyear Network Solutions LLC to decrease LecStar operating and related costs.
Under the terms of the agreement, Lightyear will manage all operating support services for LecStar including billing, provisioning, CRM systems and telecommunications services under the terms of LecStar’s commercial agreements with wholesale telecom providers. Lightyear will receive specified fees from LecStar for these services.
According to LecStar, the agreement will actualize a 53 percent reduction in LecStar personnel and a $200,000 reduction in monthly selling, general and administrative expenses. Fonix anticipates additional headcount reductions will continue through mid-August. In total, headcount will be reduced to 16 employees a 72 percent decrease with a total monthly selling, general and administrative savings of $300,000.
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December 14 2018 @ 18:50:05 UTC