Oct 14 (Reuters) - Aveda Transportation and Energy Services Inc AVE.V :
* Provides operational update, consolidates head office and announces CEO
change
* Says Aveda has taken aggressive action to cut costs
* During Q3 of 2015, Aveda eliminated a total of 51 administrative and
non-revenue generating positions
* Says expects that it will generate operational savings of approximately $5.0
million annually
* Says cuts are in addition to the cuts Aveda previously announced
* Anticipates generating between $22.0 million and $24.0 million in revenue in
the third quarter of 2015
* Says expecting a further adjusted EBITDA loss in September
* Says appointment of David Werklund as the interim President and Chief
Executive Officer of Aveda
* Says board of directors of Aveda will immediately commence a search for a
permanent president and CEO
* Says Werklund will remain as Executive Chairman and a member of the company's
board of directors
* Has obtained early release of $1.3 million held in escrow from previously announced sale of assets of hodges
* Source text for Eikon ID:nMKWcfXYma
* Further company coverage AVE.V