VANCOUVER,
Nov. 16 /PRNewswire-FirstCall/ -
Live Current Media Inc. (OTCBB:LIVC) today announces its
third quarter results. Results for the 3 months ended
September 30, 2010 are:
- Revenues fell to $629,973 from
$1,757,736 in the same period of
2009, a drop of 64%.
- Operating losses increased to $659,928 compared to $550,245 in the same period of 2009.
- Cash dropped to $273,721 from
$413,700 at June 30, 2010.
David Jeffs, the Company's CEO,
stated, "Our results are extremely disappointing and illustrate why
a new board and management were needed. The results for the
quarter, which closed under the direction of former management,
reflect a lack of a cohesive plan and a misguided effort to remedy
a mostly self inflicted decline."
Ahead of the crucial holiday shopping season, the company will
be returning its flagship property, Perfume.com, to the proven
discount fragrance model where it has had its most success in the
past 7 years.
Subsequent to the end of the third quarter, the company reviewed
the merits of a derivative action brought in Cook County, Illinois, by David Jeffs and Richard
Jeffs as plaintiffs against the company's former CEO and
directors. The company believes that it has cause to pursue
the claims described in the complaint and to add other parties as
defendants, and intends to pursue the complaint as the
plaintiff.
Detailed information regarding Live Current's third quarter 2010
financial results can be found in the company's quarterly report on
Form 10-Q, which has been filed with the SEC and can be accessed
through the investor section of Live Current's corporate website,
at http://livecurrent.com/investors.php.
About Live Current
Live Current owns one of the most powerful and engaging content
and commerce destinations on the Internet in www.perfume.com. This
site and others in the company's portfolio can be built into
subject-specific DestinationHubs™, that can connect people to each
other and to the information, brands, and products they are
passionate about. Live Current is headquartered in Vancouver, and is publicly traded on the OTCBB
(LIVC). For more information, visit http://www.livecurrent.com or
http://www.perfume.com
All statements in this press release that are not statements
of historical fact are forward-looking statements, including
particularly statements of projected future revenues and net
margins and the company's expectation that it will break even in
2012, as well as any projections of growth, 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.
Contact:
Live Current Media Inc.
David Jeffs
604-453-4870 or 1-866-898-4354
david@livecurrent.com
SOURCE Live Current Media Inc.
Copyright . 16 PR Newswire