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EDITOR'S DESK
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ANCOUVER--(BUSINESS WIRE)--Live Current Media Inc. (OTCBB:LIVC), a media company built around content and e-commerce destinations which owns more than 800 domain names, today announces it has entered agreements to sell two more of its non-core domain names for $1.65 million. Live Current previously announced in February the sale of one of its non-core domain name for CDN $500,000.
“We believe the recent sales of three of Live Current’s non-core domain names for a total of over US $2 million is a testament to the inherent value of our domain name assets, especially in this challenging economic climate,” said Live Current Chairman and CEO Geoff Hampson. “Together with the cost-cutting measures previously announced on February 5th, the proceeds from these sales should provide for Live Current’s working capital needs without diluting current shareholdings. These sales form part of management’s strategy to achieve the goal of cash flow positive operations by the end of 2009.”
To this end, the Company further announces that CEO, Geoff Hampson, has agreed to defer all salary and other compensation indefinitely. The length of such deferral will be solely at the discretion of Mr. Hampson and the Board of Directors. Management is continuing to identify further cost-cutting and revenue generating opportunities and is considering various strategic alternatives for its cricket business.
About Live Current Media Inc.
Live Current builds, owns and operates some of the most powerful and engaging content and commerce destinations on the Internet, such as www.perfume.com andwww.cricket.com. Through subject-specific DestinationHubs™, Live Current properties connect people to each other and to the information, brands, and products they are passionate about. Live Current has headquarters in Vancouver, Canada with a location in Seattle, WA and is publicly traded on the OTCBB (LIVC). For more information, visitwww.livecurrent.com.
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of earnings, revenue, cash or other financial items, any statements of the plans, strategies, objectives and goals of management for future operations, any statements regarding future economic conditions or performance, statements of belief and any statements of assumptions underlying any of the foregoing. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions particularly as they relate to demand for our products and services; competitive factors; pricing pressures; changes in operating expenses; our ability to raise capital as and when we need it and other factors. Live Current Media Inc. assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.
Contacts:
Live Current Media
Investor Relations
Andrea Laird, 604-453-4870 or 1-866-898-4354
[email protected]
