Live Current Media Inc, a media company built around content and commerce destinations, today announced cost cutting measures including a reduction in staff and a domain name sale to the amount of $400,000 US.
The company announced that it has introduced various measures to decrease its monthly operating costs, including a 38% reduction in employees, cancellation of senior management annual bonuses for 2008 and Live Current CEO Geoff Hampson has voluntarily deferred one-third of his annual salary. Pay increases for all employees have also been suspended.
“We expect these cost saving initiatives to significantly reduce our cash burn in 2009,” said Live Current Chairman and CEO Geoff Hampson. “We will continue to seek opportunities to scale our cost structure to meet the challenging global economic times and to help us to achieve our goal of having our business units operate at a profit or, at the least, cash flow break even. We expect to continue to invest in people and processes that will improve the operational performance of our businesses.”
Additionally, Live Current announced the first of the previously announced sale of non-core domain names for gross proceeds of $500,000 CAD (around $400,000 US). Andrew Allemann of DomainNameWire speculates that it could be Malaysia.com as Malaysia.com is the only domain name whose whois info has changed since the domain sale was announced.
Live Current will continue to market several additional non-core domain names with the aim of generating enough working capital to meet its obligations through the end of 2009.
“The sale of our ancillary domain names makes a lot of sense as a non-dilutive form of financing, especially when the Company’s stock is trading well below the break up value of its assets,” states Hampson. “Our goal is to continue to invest in our perfume and cricket business units while ensuring we have adequate cash resources to see us through the next 12 months.”
You can learn more about Live Current Media on their website.
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