Yoomedia PLC
13 November 2002
YooMedia plc
13 November 2002
YooMedia plc ('YooMedia' or 'the Company')
Company Restructuring
YooMedia has prudently undertaken measures to secure its long-term position as a
primary interactive TV services provider, notwithstanding the current difficult
market conditions. As part of these measures YooMedia is implementing a company
restructuring, reducing YooMedia's cost base by approximately 35%, including
making nineteen employees redundant. The Board wishes to stress these measures
will not impact current or future revenues.
YooMedia has chosen to focus its current efforts on delivering its core
interactive TV products - games, chat and dating - to existing platforms, in
particular Sky, Telewest and NTL. This has enabled the Company to streamline its
operations and concentrate its efforts on the strongest commercial
opportunities. As reported with the interim results for the six months ended 30
June 2002, the Company's new games portal and chat service will be launched on
Telewest within the next few months. In addition, YooMedia expects to be able to
announce further deals in the near future.
YooMedia has substantial cash reserves and intends to maintain a strong
financial position in both the immediate and long-term future. The interim
results for the six months ended 30 June 2002 reported cash holdings of £4.7m.
For further information, please contact:
Andrew Fearon
Chief Operating Officer - 020 8515 2800
Graham Prince
Public Relations - 07973 323840
This information is provided by RNS
The company news service from the London Stock Exchange
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