Live Current Media sells domain name and lays off 38% of staff.
Live Current Media (OTCBB: LIVC.ob) today announced the sale of a domain name for gross proceeds of 500,000 CAD, or approximately $400,000 USD. Based on information including whois record changes, Domain Name Wire believes the domain name sold is Malaysia.com. Malaysia.com is the only domain the company has put on the sales block that has had a whois change since then.
The company also announced it is laying off 38% of its staff to conserve cash. The company is betting on its perfume and cricket businesses to get it through the downturn. Live Current owns Perfume.com and Cricket.com, but its primary cricket business is a 10 year deal with Indian Premier League. The deal requires the company to pay $5 million a year, but some of the payments have been forgiven.
Also, the company announced that it didn’t complete the second half of a planned private placement that took place late last year.
The staff reductions include Jonathan Ehrlich, Live Current President and COO. Mark Melville, Chief Corporate Development Officer, will assume the additional role of President of Live Current. The company expects to save $1.3M CAD per year from the cost reductions.