Live Current Media Inc. Initiates Order Fulfillment from Owned
Inventory
Business Wire: August 5, 2010
VANCOUVER — Live Current Media Inc. (OTCBB:LIVC), an e-commerce company
that owns and operates the luxury fragrance brand, www.perfume.com, as well as
a portfolio of other domain names, today announced that it has closed a private
offering of units consisting of shares of common stock and warrants for the
purchase of common stock. Live Current Media Inc. closed a private offering of
119 units at a price of $5,000 per unit for total proceeds to the Company of
$595,000 in two tranches. The first tranche, in the amount of $370,000, closed
on July 23rd and the second tranche, in the amount of $225,000, closed on August
4th. Each unit is comprised of
50,000 shares of common stock and a warrant for the purchase of 50,000 shares
of common stock. Each warrant
entitles the holder to purchase one share of common stock for $0.15 per share
for two years. Neither the units
nor the common stock included in the units and underlying the warrants have
been registered under the Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an applicable exemption from the
registration requirements.
The proceeds will be used for general corporate purposes including the
purchase of perfume inventory for the key holiday gift giving period.
“The closing of this financing will allow Live Current Media to
purchase brand name fragrances directly without having to go through the
secondary, grey market and to sell them at improved margins”, states Live
Current President and COO, Paul Morrison. “Perfume.com will now be able to, in
addition to purchasing the classic fragrances, have access to the newest
fragrances as they are released. It can take up to six months for these new
products to filter down to the secondary, grey market, providing Live Current
with product that few other e-commerce sites will carry.”
About Live Current Media Inc.
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 has headquarters in Vancouver,
Canada with an office in Washington, W.A. and New York City, N.Y. and is
publicly traded on the OTCBB (LIVC). For more information, visit www.livecurrent.com.
All statements in this press
release that are not statements of historical fact are forward-looking
statements, including 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
Andrea Laird
Investor Relations Contact
604-453-4870 or 1-866-898-4354
andrea@livecurrent.com
