VANCOUVER, BC – March 4, 2009 – Live Current Media Inc. (OTCBB:LIVC), a media company built around content and e-commerce destinations which owns more than 800 domain names, today announces it has entered agreements to sell two more of its non-core domain names for $1.65 million. Live Current previously announced in February the sale of one of its non-core domain name for CDN $500,000.
“We believe the recent sales of three of Live Current’s non-core domain names for a total of over US $2 million is a testament to the inherent value of our domain name assets, especially in this challenging economic climate,” said Live Current Chairman and CEO Geoff Hampson. “Together with the cost-cutting measures previously announced on February 5th, the proceeds from these sales should provide for Live Current’s working capital needs without diluting current shareholdings. These sales form part of management’s strategy to achieve the goal of cash flow positive operations by the end of 2009.”
To this end, the Company further announces that CEO, Geoff Hampson, has agreed to defer all salary and other compensation indefinitely. The length of such deferral will be solely at the discretion of Mr. Hampson and the Board of Directors. Management is continuing to identify further cost-cutting and revenue generating opportunities and is considering various strategic alternatives for its cricket business.
Unfortunately the press release doesn't mention the two names!