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| 8-K - LIVE VENTURES Inc | v204729_8k.htm |
LiveDeal
Announces Strategic Reduction in Force of Sales and Marketing
Personnel
Decision
is Part of Ongoing Restructuring Efforts as Company Focuses Resources on Core
Business
LAS
VEGAS, NEVADA – December 6, 2010 – LiveDeal, Inc. (NASDAQ: LIVE), a Las
Vegas-based provider of Internet marketing services for small businesses,
announced today that it has eliminated 36 positions, all of which were held by
personnel responsible for the sales and marketing of the company’s
InstantPromote product through its subsidiary Local Marketing Experts,
Inc.
“In the
last several weeks, sales of our InstantProfile product, our subscription-based
360-degree solution, designed to give small and medium-sized businesses the
ability to advertise on the Internet and communicate with their customers, have
increased substantially and demonstrated tremendous potential,” stated Kevin A.
Hall, President and Chief Operating Officer of LiveDeal. “Making
these cuts will allow us to focus additional resources on the further
development and expansion of our core InstantProfile product and its companions
while we continue to service our existing InstantPromote
customers.”
As a
result of the personnel reduction, which reduced LiveDeal’s total workforce by
approximately 60%, the company expects to reduce operating expenses by
approximately $150,000 per month for the remainder of fiscal year
2011. LiveDeal will incur one-time cash expenses of approximately
$98,000 in connection with the reduction in force, which includes approximately
$60,000 of salaries and wages payable to the affected
employees. Substantially all of those expenses will be incurred in
the first quarter of fiscal year 2011.
For more
information about LiveDeal’s products and services, please visit www.livedeal.com.
Forward-Looking
and Cautionary Statements
This
press release may include statements that constitute “forward-looking
statements,” which are often characterized by the terms “may,” “believes,”
“projects,” “expects,” or “anticipates,” and do not reflect historical
facts. Forward-looking statements (including the statement above
regarding the company’s expectation that operating expenses will be reduced for
the remainder of fiscal year 2011 as a result of the reduction in force) involve
risks, uncertainties and other factors that may cause actual results,
performance or achievements of LiveDeal, Inc. and its subsidiaries to be
materially different from those expressed or implied by such forward-looking
statements.
Forward-looking
statements speak only as of the date the statement was made. LiveDeal
does not undertake and specifically declines any obligation to update any
forward-looking statements.
About
LiveDeal, Inc.
LiveDeal,
Inc. provides local customer acquisition services for small businesses to
deliver an affordable way for businesses to extend their marketing reach to
local, relevant customers via the Internet. LiveDeal delivers website
creation, Search Engine Marketing (SEM), Social Media Marketing (SMM), video,
and other online marketing tools as part of its InstantAgency suite of
products. These products and services are dedicated to delivering
agency quality online advertising at a fraction of the price of a traditional
online marketing agency. LiveDeal is headquartered in Las Vegas,
Nevada. For more information, please visit www.livedeal.com.
Investor
Relations Contact:
Larry
Tomsic, Chief Financial Officer
Phone: 702-939-0230
E-mail: ltomsic@livedeal.com