Onfolio implements cost-reducing measures including headcount reductions

Onfolio Holdings has implemented a number of cost-reducing measures designed to optimize operations and create greater financial efficiencies throughout the Company, including within its subsidiaries. Dominic Wells, Onfolio’s Chief Executive Officer, stated, “As a growing company, we regularly evaluate and adjust our corporate spending so we can continue to operate as an efficient organization. The measures we are announcing today, along with the potential acquisitions we will make with the $1 million raised last week and additional capital we seek to raise, will bring us significantly closer to profitability.” The Company’s cost reductions included headcount reductions, the elimination of roles that no longer served efficient operations, and the combination of some existing roles. Headcount was maintained in those roles that contribute to Onfolio’s revenue generation. In addition, significant savings were obtained from merging two business lines and successfully re-negotiating certain substantial services agreements. Altogether, the Company expects these cost reductions to save approximately $1 million per year.