Attached files
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EX-99..1 - LIVE VENTURES Inc | v204729_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): November 30,
2010
LiveDeal,
Inc.
(Exact
Name of Registrant as Specified in Charter)
Nevada
|
001-33937
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85-0206668
|
||
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
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(IRS
Employer Identification No.)
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2490
East Sunset Road, Suite 100, Las Vegas, Nevada
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89120
|
|
(Address
of Principal Executive Offices)
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(Zip
code)
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(702)
654-9646
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||
(Registrant’s
telephone number, including area code)
|
Not
Applicable
|
||
(Former
Name or Former Address, if Changed Since Last Report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item 2.05.
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Costs Associated with Exit or
Disposal Activities.
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On
November 30, 2010, the Board of Directors of LiveDeal, Inc. (the “Company”)
approved a reduction in force that resulted in the termination of 36 employees
of the Company, or approximately 60% of the Company’s workforce, effective
December 1, 2010. The reduction in force was related to the
Company’s ongoing restructuring and cost reduction efforts and strategy of
focusing its resources on the development and expansion of its core
InstantProfile product, the successor to the Company’s LEC-billed directory
product. All terminated employees were involved in the marketing and
sale of the Company’s InstantPromote product by its subsidiary, Local Marketing
Experts, Inc.
The
Company anticipates incurring expenses of $97,774 in connection with the
reduction in force, of which $37,500 will be incurred for one-time employee
termination benefits payable in cash. The remaining expenses relate
to salaries and wages payable in cash to the affected
employees. Substantially all of these charges will be expensed in the
first quarter of fiscal 2011.
Item 9.01.
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Financial Statements and
Exhibits.
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(d) Exhibits.
Exhibit
No.
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Description
|
99.1
|
Press release issued by LiveDeal,
Inc. on December 6, 2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
LIVEDEAL,
INC.
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|||
Date:
December 6, 2010
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/s/
Lawrence W. Tomsic
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||
Lawrence
W. Tomsic
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|||
Chief
Financial Officer
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EXHIBIT
INDEX
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Exhibit
No.
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Description
|
99.1
|
Press release issued by LiveDeal,
Inc. on December 6, 2010
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