Avista Labs Dismisses Six Corporate Executives
Avista Labs (Spokane, WA) has dismissed six executives after coming up short in an effort to find a partner after additional capital failed. The company laid off President and COO Kim Zentz, as well as Avista Labs' CFO, director of human relations, vice president of manufacturing operations, director of marketing, and an accountant, according to CEO Mike Davis.
Parent company Avista Corp. (Spokane, WA) planned to raise capital for Avista Labs by selling stock to the public. The tumbling stock market killed that option, and private capital dried up in the wake of the September 11 terrorist attacks. The cuts preserved engineering, research and development, manufacturing and the marketing core at Avista Labs, which now employs 62 people.