The officers and directors of RightSmile, a provider of cosmetic laser teeth whitening products, have decided to eliminate their salaries as of August 31, 2010, the company announced.
This move is expected to save the company more than $950,000.
The board has decided to develop a bonus system based on RightSmile's profitability, thereby reducing cash requirements and/or causing any additional shares to be issued for accrued wages.
In other cost-cutting measures, RightSmile said it will seek to reduce fixed monthly expenses, including but not limited to reducing the size of the current offices, and will also look to sell some assets no longer vital to the company's success.
The company is also seeking a new president, preferably one with experience in the dental/cosmetic market.
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