November 16, 2010
Live Current Media Reports Third Quarter Results and Announces Return to Discount Fragrance Model at Perfume.com
Vancouver - 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.
Live Current Media Inc.
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