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are they buying again?
...still wondering about this 43k block yesterday - any ideas ??
************ Q4 2009 Y2009 Q4 2008 Y2008
Total revenues $ 4,434 $3,580 $ 16,808 $ 15,616
Gross profit $ 3,002 $ 778 $ 10,876 $ 4,139
Net income (loss): $ 1,532 $ (16,550) $ (2,780) $ (38,150)
Net income (loss) per common share (diluted) $ 0.33 $ (3.60) $ (0.60) $ (8.40)
Non-GAAP Adj. EBITDA from continuing operations $ 805 $ (2,616) $ (1,396) $ (19,764)
GAAP operating income (loss) per diluted share: $ 0.29 $ (7.28) $ (0.51) $ (12.86)
Link --> detailed report:
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=29748" rel="nofollow" target="_blank" >http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=29748
wow BIG BUY: 40k @ 3.6
I like the volume today...
fantastic earnings ....
NEWS !!!
LiveWire Mobile Announces Financial Results for the Quarter Ended December 31, 2009
LiveWire Mobile, Inc. (Pinksheets: LVWR), a world leader in ringback, mobile music and managed personalization services, today announced preliminary financial results for the fourth quarter ended December 31, 2009:
Company delivers highest level as a stand-alone entity of adjusted EBITDA and GAAP profitability for the quarter ended December 31, 2009:
Adjusted EBITDA of $0.8 million
Income from continuing operations of $1.5 million, including certain non-recurring items noted below
Revenues of $4.4 million representing an increase of 24% from the fourth quarter of 2008
Gross profit improves to 68% from 22% in the fourth quarter of 2008
Cash of $7.8 million as of December 31, 2009...
--> http://ih.advfn.com/p.php?pid=nmona&cb=1268059812&article=41870163&symbol=NO%5ELVWR
yes Karen is amazing.... i only know that she is still accumulating/collecting shares of EVOL (Evolution systems) atm
what she has done here is great... look at our 2009 history:
IMO she (and Lloyd) are behind most of the decisions LVWR made the last year - they put much pressure on the management forcing it to the (obviously right) direction...
no she gets rewarded with nearly 200.000 $ divi - while her investment has tripled. smart lady!
yup ... this is turning out to be a great investment .... whats singer buying these days
nice upside boost today...
only very few shares available for the buyers @ bid - so it was only a question of time when the ask hitting will begin to start...
yup ..assuming their average is 1-1.2 post split ..that divi is 15% - 20% yearly ....
Better than great news! With only 6M OS (after the split) and a >42% held by only 2 people, anybody wanting to buy will not find shares too readily.
Miller & Singer sure found a nice way to create a nice way to get their investments back, and still have their shares. Consider this, if they do it 4 more times, they will own "Freebies".
Anyway, good news for the other (few) shareholders.
GREAT NEWS !! 20cents not bad at all
News for 'LVWR' - (LiveWire Mobile Declares $0.20 Dividend on Common Shares; Announces Intention to Initiate Annual Cash Dividend)
LVWR News -- LiveWire Mobile Declares $0.20 Dividend on Common Shares; Announces Intention to Initiate Annual Cash Dividend.
Thursday, February 11, 2010 7:02 AM
Scottrade.com
This email is compliments of Scottrade.com
News for 'LVWR' - (LiveWire Mobile Declares $0.20 Dividend on Common Shares; Announces Intention to Initiate Annual Cash Dividend)
LITTLETON, Mass., Feb 11, 2010 (BUSINESS WIRE) -- LiveWire Mobile, Inc.
(Pinksheets: LVWR), a leading provider of managed personalization services,
today announced that its Board of Directors has declared an annual dividend of
twenty cents ($0.20) per share of common stock for 2010. The current dividend is
payable on March 26, 2010 to shareholders of record as of the close of business
on March 12, 2010.
The Board of Directors' intention is that a dividend in this amount will
continue to be paid on an annual basis. However, the declaration, amount and
payment of future dividends to holders of common stock will be at the discretion
of the Board of Directors and will depend upon many factors, including capital
requirements of our business, our cash flow trends, financial condition,
earnings, alternate investment opportunities, legal requirements, regulatory
constraints, industry practice and other factors that the Board of Directors
deems relevant.
Business Perspective
"The announcement of the Company's first-ever dividend reflects the significant
strides the Company has achieved in improving its financial stability," said
Matthew Stecker, CEO of LiveWire Mobile. "We believe we have the funding
available to continue to invest in our core strategic imperatives while also
providing a positive, tangible return to our shareholders," he added.
Forward-Looking Statements
Statements other than historical facts included or referred to in this Press
Release are "forward-looking statements", including forward-looking statements
about the timing of the payment of the declared dividend, the intention to pay
this amount of dividends in the future, and the belief that the Company has the
funding available to continue to invest in its core strategic imperatives, while
also providing a positive, tangible return to its shareholders. The Company's
intention that a dividend in this amount will continue to be paid on an annual
basis assumes, among other factors, that the Company's financial condition will
permit payment under Delaware law; that operations will continue to generate
sufficient cash flow to warrant the payment of a dividend and that market
conditions, the Company's business needs and applicable laws and regulations
make payment of a dividend appropriate. Any future payment of a dividend will
depend upon the judgment of the Board of Directors and will be made only at the
Board's discretion. These statements are based on management's expectations as
of the date of this document and are subject to uncertainties and changes in
circumstances. Actual results may differ materially from these expectations due
to risks and uncertainties including, but not limited to, delays affecting the
timing of the payment of the declared dividend, our ability to pay this amount
of dividends in the future, our ability to maintain financial stability and our
continued ability to invest in our business and provide a return to
shareholders. We encourage you to read our Annual Report for the year ended
December 31, 2008 for certain additional risk factors. In addition, while
management may elect to update forward-looking statements at some point in the
future, management specifically disclaims any obligation to do so, even if its
estimates change. Any reference to our website in this press release is not
intended to incorporate the contents thereof into this press release or any
other public announcement.
About LiveWire Mobile, Inc.
LiveWire Mobile (Pinksheets:LVWR) is a leading provider of managed
personalization services. LiveWire Mobile's integrated suite of mobile
personalization services includes an integrated storefront of ringback tones,
ringtones, full track downloads, and other applications, as well as, dedicated
content and service marketing, integrated storefront management and marketing.
LiveWire Mobile makes mobile personalization services easier to use and helps
drive service usage and adoption. For more information, please visit
www.livewiremobile.com.
LiveWire Mobile is a trademark of LiveWire Mobile, Inc.
SOURCE: LiveWire Mobile, Inc.
CONTACT:
LiveWire Mobile, Inc.
Todd Donahue, CFO, 978-742-3167
todd_donahue@livewiremobile.com
Copyright Business Wire 2010
-0-
KEYWORD: United States
North America
Massachusetts
INDUSTRY KEYWORD: Entertainment
Technology
Telecommunications
Professional Services
Finance
Mobile Entertainment
SUBJECT CODE: Dividend
Source: Comtext Market News
Here is the new application @ US Cellular:
http://toneroomdeluxe.uscellular.com/
nice news indeed -
can´t believe that there is only a wee bit of volume. This won´t move this stock were it belongs to...
at least level2 is looking better right now - there are plenty of bidders waiting for cheap shares and on the upside there is pretty much air - not many shares available until 4$ it seems...
lets wait and see
GREAT NEWS OUT
LiveWire Mobile Launches U.S. Cellular’s First Ringback Tone Service
Date : 02/09/2010 @ 10:51AM
Source : Business Wire
Stock : LiveWire Mobile, Inc. (LVWR)
Quote : 2.7 0.3 (12.50%) @ 7:47AM
LiveWire Mobile Launches U.S. Cellular’s First Ringback Tone Service
LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of mobile managed personalization services, today announced the launch of a new managed ringback tone service for U.S. Cellular using LiveWire Mobile’s Infuse Personalization Platform. The service is offered through U.S. Cellular’s “Tone Room Deluxe” storefront, where subscribers can take advantage of a money-saving bundle that packages the monthly ringback tone service fee together with ringback tone and ringtone content
“The launch of U.S. Cellular’s service is a testament to the momentum of LiveWire’s platform in the Ringback space as well as the ringback tone’s increasing penetration rates in the U.S. market, in addition to our worldwide markets,” said Matthew Stecker, chief executive officer of LiveWire Mobile. “We believe that ringback tones with our enhanced personalization features will make a great addition to U.S. Cellular’s mobile personalization offerings.” “We know our customers like to personalize their phones,” said Alan Ferber, vice president of sales operations and chief marketing officer, U.S. Cellular. “Ringback tones make staying connected to family and friends fun.” The service is powered by LiveWire Mobile's Infuse Personalization Platform, a complete end-to-end multi-content service delivery platform offering robust, centralized content management and reporting tools and a web service that opens the door to third-party applications. With Infuse, mobile network operators can market personalized content to their subscribers yielding a seamless and intuitive mobile experience
About LiveWire Mobile LiveWire Mobile, Inc. is a leading provider of managed personalization services. LiveWire Mobile's integrated suite of music and video services includes ringback tones, ringtones and full track downloads, as well as dedicated content and service marketing. LiveWire Mobile makes mobile personalization services easier to use and helps drive service usage and adoption. For more information, please visit www.livewiremobile.com
LiveWire Mobile is a trademark of LiveWire Mobile, Inc. Other trademarks are properties of their respective owners
About U.S. Cellular The 9,000 associates of U.S. Cellular believe a wireless phone enhances people’s lives and a wireless company should be in the business of bringing people together. U.S. Cellular has a wide range of monthly plans, including those with unlimited nationwide calling, unlimited free incoming calls and options to prepay. The company has a growing catalog of phones like the BlackBerry® Tour and Pearl Flip, and the touch-screen LG Tritan, which offer e-mail and Web access. Based in Chicago, U.S. Cellular is the nation’s fifth-largest full-service wireless carrier, serving 6.2 million customers across the country. To learn more about the company visit one of its retail stores or uscellular.com
Forward Looking Statements Statements other than historical facts included or referred to in this Press Release are forward-looking statements, including statements about the Company's customer relationships, products and services, ringback tone’s increasing penetration rates in the U.S. market, and the Company’s belief that ringback tones’ predictable revenue stream and its enhanced personalization features will make it a great addition to U.S. Cellular’s mobile personalization offerings. These statements are based on management's expectations as of the date of this document and are subject to uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties including, but not limited to, uncertainties with respect to our ability to expand and maintain our relationships with existing customers and attract new customers, uncertainties regarding the performance of our products and services including, without limitation, the Infuse Personalization Platform, market acceptance of our products and services, the ringback tone market and other risks. We encourage you to read our Annual Report for the year ended December 31, 2008 and other public disclosures for certain additional risk factors. In addition, while management may elect to update forward-looking statements at some point in the future, management specifically disclaims any obligation to do so, even if its estimates or beliefs change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement
its been quiet for a while .. let get going holding long
hmm... bollies are very tight again and bid side looks stronger today
hoping for an imminent upside move !
Weird...
who would sell @2,6 with a pre-split bid @ 1x0,271 1x,0.28 1x0.30 and ask @ 0.32 ?
Interesting to see price apprecation going into the RS; opposite of normal IMHO.
after split:
the new CUSIP number for the Company’s common stock will be 53837P201
Livewire Mobile will trade under the symbol “LVWRD” for 20 business days after which time the symbol will revert back to "LVWR"
+The reverse stock split will automatically combine every ten shares of LiveWire Mobile common stock into one share of common stock. As of today, there were approximately 46 million shares of LiveWire Mobile common stock outstanding. After giving effect to the reverse stock split, there will be approximately 4.6 million shares outstanding. No fractional shares will be issued in connection with the reverse stock split. Instead, the Company’s transfer agent will aggregate all of the fractional shares that otherwise would have been issued as a result of the reverse stock split and sell those shares. Stockholders who would otherwise hold a fractional share of LiveWire Mobile common stock will receive a cash payment in lieu of such fractional share equal to their pro rata share of the proceeds of such sales received by the transfer or exchange agent.
Outstanding stock incentive awards and the Company’s treasury stock will also be adjusted to give effect to the reverse split and the shares available for future grants will be proportionately reduced. The number of authorized shares of the Company’s capital stock will not be proportionately reduced and will remain unchanged.
Instructions and a letter of transmittal relating to the reverse stock split will be mailed to holders of certificates representing pre-split common stock.
Thanks, I was thinking of getting back in this.
http://www.otcbb.com/asp/dailylist_detail.asp?d=12/18/2009&mkt_ctg=ALL
To my knowledge wolf, filing is not required.
Which lends favorably towards overall integrity given that filings continue following departure from NASDAQ to the Pinks in April … http://www.insidercow.com/institution/subject.jsp?subject=0000915866&company=LVWR …. as does paying pinksheets.com extra for L2, imo.
Your suggestion of 27¢ - 33¢ eod Friday Dec 18 would become $2.70 - $3.30 post-split come Monday morning Dec 21.
Seems to be plenty of wiggle room for uplisting to AMEX within the first half of 2010?
Got'er on watch.
GLTA,
Scov
Scov nice to see u posting here !
(financial) goals for 2009 are reached as far as possible, solid cash position for 2010, no debt, new BOD, nice perspective --> interesting watch & not the average stinky pinky for sure
if they can follow their claimed "visionary" goals for 2010 (within their investor presentation 08/09) it could be a great buy at these levels.
But LVWR has to announce one or two big customers/deals first ...
remember: one ("new north american) customer" - announcement is still pending... wondering why they didn´t announce it yet?
anticipated pps? without any announcement prior 2 split my suggestion would be: .27-.33
regarding S&M... i had hope that they will buy before the split to show us some confidence, but on the other hand they already have more than 40% in their pockets yet...
btw. Scov, do you know if they had to file a form 4 for their buys in Pinkieland ?
What’s anticipated for the PPS next week?
I certainly don’t know, and not wanting to hold anyone else accountable, just curious. I’ll stick my neck out and speculate that it won’t be too bad if bad at all.
As a rule I wait until after a r/s to buy or add. From what I’ve glimpsed LVWR doesn’t seem to have the m.o. of the typical stinky pinkie and thinking this could be an interesting watch for the rest of the year. Wonder what Singer and Miller will be doing?
GLTA,
Scov
looks good to me. like the download presentation 1x10=100
Any helpful suggestions regarding the ibox are welcome !
we will know in a few days if they are
I have the feeling that Singer and Miller could be buying again
...who knows
good day so far....
+ News...
LiveWire Mobile Announces Receipt of $2.8 Million Escrow from Sale of Communications Platforms Business
LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of managed personalization services, today announced it has received the full amount of the escrow of $2.8 million from the sale of the Communications Platforms business to Dialogic, which closed in December 2008.
Additionally, in connection with the early release of the escrow, the Company entered into an amendment to the Asset Purchase Agreement dated September 12, 2008 with Dialogic to provide a six month extension of representations and warranties related to an agreement in connection with the asset purchase.
“The receipt of the escrow further enhances our strengthening financial profile,” said Matthew Stecker, CEO of LiveWire Mobile. “This addition to our cash reserves coupled with the fact that we carry no debt puts us in a strong funded position going into 2010,” he added.
bottom line: NO DEBT and approx. 9 Million in cash to operate with in 2010...
next thing should be the news about the "new north american customer" ....
Directors Approve 1-for-10 Reverse Stock Split
http://newsblaze.com/story/2009111815070900001.bw/topstory.html
LITTLETON, Mass. - (BUSINESS WIRE) - LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of managed personalization services, today announced that its Board of Directors approved a one-for-ten (1:10) reverse stock split of the Company's common stock. The Company anticipates the reverse stock split will be effective as of 5:00 P.M. Eastern time, on December 18, 2009. LiveWire Mobile stockholders had previously authorized the Board of Directors to approve a reverse stock split at a ratio of between one-for-five and one-for-ten at the Company's Special Meeting of Stockholders on November 19, 2008.
The reverse stock split is intended to bring the Company's stock price into higher trading ranges to facilitate trading and to improve interest in the Company by larger, institutional investors.
Upon effectiveness of the reverse stock split, every ten shares of outstanding LiveWire Mobile common stock will be combined into one share of outstanding common stock without any change in the par value of the shares. As of November 17, 2009, there were approximately 46,010,243 shares of LiveWire Mobile common stock outstanding.
No fractional shares will be issued in connection with the reverse stock split. In lieu thereof, arrangements with the Company's transfer agent or exchange agent will be made to aggregate all fractional shares otherwise issuable in the reverse stock split and sell these whole shares as soon as possible after the commencement of the split at the then prevailing market prices on the open market on behalf of holders of the Company's Common Stock, and then pay each such holder his, her or its pro rata portion of the sale proceeds.
Restructuring
c) Board of Directors and Management Changes
- On November 5, 2009, the Company announced the appointment of Matthew Stecker to succeed Joel A. Hughes as President and Chief Executive Officer on or before November 30, 2009. Mr. Stecker's hiring was effective on November 10, 2009.
- On November 5, 2009, the Company announced the appointment of Robert M. Pons as Chairman of the Board of Directors upon the resignation of Joel A. Hughes. Mr. Pons appointment as Chairman of the Board of Directors is effective on November 13, 2009.
- On November 5, 2009, the Company announced the impending resignation of Joel A. Hughes as President, Chief Executive Officer and Chairman of the Board of Directors. Mr. Hughes resignation of these positions are effective on November 13, 2009.
- On November 5, 2009, the Company announced the resignation of Pamela D. A. Reeve as Director.
- On October 26, 2009, the Company announced the resignation of W. Frank King as Director.
Yes many things point towards more good things to come, I bought this stock only because of the insider buying...... and of course the amount of dollars that the insiders spent.
New management in place now, turned profitable....sitting near its recent lows. Nice set up here imho. Monthly Chart interests me.
I'm holding my freebie shares tight on this stock. I'm kind of curious where this might go in the near future considering it was at 0.36 last month.
Congratulations folks….eom
good news for us... we are on track
thanks for posting!
LVWR earnings out, just hit the wire. Pretty nice turnaround imho.
http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=25894
LiveWire Mobile Announces Financial Results for the Quarter Ended September 30, 2009
First Profitable Quarter as Stand-Alone Entity
LITTLETON, Mass., November 12, 2009 – LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of managed personalization services, today announced financial results for the third quarter ended September 30, 2009:
• Company achieves adjusted EBITDA and GAAP profitability for the quarter ended September 30, 2009:
o Adjusted EBITDA of $0.7 million
o Income from continuing operations of $0.5 million
• Revenues of $4.9 million representing an increase of 37% from the third quarter of 2008
• Revenues increase driven by 94% year-over year growth in managed services revenue, including the one-time item discussed below
• Gross profit improves to 66% from 16% in the third quarter of 2008
• Cash of $6.5 million as of September 30, 2009
Total revenues for the third quarter of 2009 were $4.9 million, an increase of 37%
compared to $3.6 million for the corresponding quarter in 2008, and an increase of 32%
from $3.7 million for the second quarter of 2009. Third quarter of 2009 revenues include approximately $0.5 million of managed services revenue that the Company does not expect to recur in future quarters resulting from commercial changes related to a contract extension with one customer.
Gross profit for the third quarter of 2009 was $3.2 million, or 66%, an increase of more than five times compared to $0.6 million, or 16%, for the third quarter of 2008, and an increase as compared to $2.6 million, or 70%, for the second quarter of 2009. The improvement in gross profit year-over-year is primarily attributable to increases in managed services revenues, which have a higher gross profit than cap-ex product and service revenues, as well as cost reductions related to restructuring actions. The slight decrease in gross profit percentage from the second quarter of 2009 was primarily attributable to increased cap-ex product revenues in the third quarter of 2009. Gross profit can be impacted by the mix and proportion of cap-ex product and service revenues relative to total revenues.
Adjusted EBITDA from continuing operations (a non-GAAP financial measure) was $0.7 million, or $0.02 per basic and diluted share, for the third quarter of 2009 – turning the Company to profitability – compared to $(6.6) million, or $(0.14) per basic and diluted share in the third quarter of 2008, and an improvement compared to $(0.7) million, or $(0.01) per basic and diluted share, for the second quarter of 2009.
A complete reconciliation between adjusted EBITDA and operating income (loss) on a GAAP basis is provided in the financial tables at the end of this press release.
Income from continuing operations for the third quarter of 2009 was $0.5 million, or $0.01 per basic and diluted share, compared to a loss from continuing operations of $(8.5) million, or $(0.19) per basic and diluted share for the third quarter of 2008, and compared to $(1.5) million, or $(0.03) per basic and diluted share, for the second quarter of 2009.
Net income for the third quarter of 2009 was $0.2 million, or $0.01 per basic and diluted
share compared to a net loss of $(7.1) million, or $(0.16) per basic and diluted share, for
the third quarter of 2008, and compared to a net loss of $(1.7) million, or $(0.04) per basic
and diluted share for the second quarter of 2009.
Cash totaled $6.5 million on September 30, 2009, compared to $7.3 million on June 30,
2009 and $19.3 million on December 31, 2008. The decrease in cash was primarily due to
cash used in operations during the first nine months of the year, including payments made
under restructuring plans, our lease termination agreement entered into in December 2008
and for other exited facilities.
Business Perspective
Effective November 13, 2009, the Company will have completed its previously announced
CEO transition and the appointment of Robert M. Pons as Chairman of the Board of
Directors. Matthew Stecker, new CEO of LiveWire Mobile, said, “With the announcement of
our first profitable quarter as a stand-alone entity, the Company has achieved a major
milestone. The combination of our growing managed services business and our ongoing
efforts to become a more cost-efficient company have delivered a profitable business. Our
focus on running a profitable, operating cash flow positive enterprise will continue as we
pursue the growing mobile personalization market. On behalf of the Company and its Board
of Directors, I’d like to personally thank Joel Hughes for his contribution to this
achievement.”
Use of Non-GAAP Financial Measures
In addition to reporting its financial results in accordance with generally accepted
accounting principles, or GAAP, the Company has also provided in this release adjusted
EBITDA from continuing operations which is a non-GAAP financial measure adjusted to
exclude certain non-cash and other specified expenses. The Company believes the use of
non-GAAP measures in addition to GAAP measures is an additional useful method of
evaluating its results of operations. Management uses these non-GAAP financial measures
when evaluating the Company's financial results, as well as for internal planning and
forecasting purposes. Specifically, the Company has excluded stock-based compensation,
amortization of intangible assets, depreciation, restructuring charges, interest income and
expense, other income/expense, goodwill impairment and adjustments, and taxes from its
non-GAAP financial measures. The non-GAAP financial measures disclosed by the Company
should not be considered a substitute for, or superior to, financial measures calculated in
accordance with GAAP, and the expected results calculated in accordance with GAAP and
reconciliations to those expected results should be carefully evaluated. The non-GAAP
financial measures used by the Company may be calculated differently from, and therefore
may not be comparable to, similarly titled measures used by other companies. The
Company may consider whether other significant non-recurring items that arise in the
future should also be excluded in calculating the non-GAAP financial measures it uses.
Reconciliations between the non-GAAP financial measures on a GAAP basis and a non-GAAP
basis are provided herein, as applicable.
About LiveWire Mobile, Inc.
LiveWire Mobile (Pinksheets:LVWR) is a leading provider of managed personalization
services. LiveWire Mobile’s integrated suite of mobile personalization services includes
ringback tones, ringtones, full track downloads, and other applications, as well as, dedicated
content and service marketing, integrated storefront management and marketing. LiveWire
Mobile makes mobile personalization services easier to use and helps operators drive
service usage and adoption. For more information, please visit www.livewiremobile.com.
LiveWire Mobile is a trademark of LiveWire Mobile, Inc.
Statements other than historical facts included or referred to in this Press Release are
“forward-looking statements”, including forward-looking statements about our growing
managed services business, ongoing efforts to become more cost efficient and focus on
running a profitable, operating cash flow positive enterprise as we pursue the growing
mobile personalization market, the timing and extent of our fourth quarter 2009
restructuring and our expected management changes. These statements are based on
management’s expectations as of the date of this document and are subject to uncertainties
and changes in circumstances. Actual results may differ materially from these expectations
due to risks and uncertainties including, but not limited to, actual expenses of our
restructuring plans, delays in completion of our restructuring plans, uncertainties with
respect to our ability to achieve and maintain operating expense reductions and cost
efficiencies, adjusted EBITDA profitability, profitability and positive cash flow, the impact of
restructuring and other charges and one-time items on our business and operations, the
implementation and market acceptance of our strategy to focus on managed services in
North America, uncertainties with respect to our ability to grow our managed services
business and pursue the mobile personalization market, fluctuations and declines in our
cap-ex business, the size of our target market, our ability to expand our relationships with
existing customers and attract new customers, customer concentration (including with
Sprint Nextel Corporation and Ericsson AB), our ability to timely launch our products and
services to customers, our ability to execute on our development initiatives, our ability to
effectively manage cash (including the release of the entire cash balance in escrow in
connection with the sale of the Communications Platforms business to Dialogic Corporation),
revenue fluctuations, uncertainties regarding the impact of management changes and other
risks. We encourage you to read our Annual Report for the year ended December 31, 2008
for certain additional risk factors. In addition, while management may elect to update
forward-looking statements at some point in the future, management specifically disclaims
any obligation to do so, even if its estimates change. Any reference to our website in this
press release is not intended to incorporate the contents thereof into this press release or
any other public announcement.
LIVEWIRE MOBILE, INC.
Condensed Consolidated Balance Sheet
September 30, December 31,
2009 2008
(Unaudited)
Current assets:
Cash and cash equivalents $ 6,459 $ 1 9,261
Accounts receivable, net of allowance for doubtful accounts of $60 and $96, respectively 2 ,415 3 ,245
Receivables under repurchase agreement - 2 ,575
Inventories 627 7 18
Cash in escrow 2,800 3 ,240
Prepaid expenses and other assets 1,021 1 ,771
Total current assets 13,322 3 0,810
Property and equipment, net 1,364 1 ,060
Other assets, net 678 5 58
Total assets $ 15,364 $ 3 2,428
Current liabilities:
Accounts payable $ 933 $ 3 ,217
Accrued expenses and other liabilities 1,576 3 ,641
Accrued restructuring, current portion 1,521 4 ,454
Capital lease obligations, current portion 234 3 88
Revolving line of credit - 2 ,610
Deferred revenue 2,174 2 ,832
Total current liabilities 6,438 1 7,142
Accrued restructuring, long term portion 1,058 2 ,764
Other long term liabilities 740 7 40
Capital lease obligations, long term portion 214 3 60
Total liabilities 8,450 2 1,006
Stockholders' equity:
Preferred stock, $0.05 par value, 3,000,000 shares authorized at September 30, 2009 and December 31,
2008, respectively, no shares issued and outstanding - -
Common stock, $0.01 par value, 125,000,000 shares authorized at September 30, 2009 and
December 31, 2008, respectively; 52,991,435 shares issued and 46,010,243 shares outstanding at
September 30, 2009 and 52,991,435 shares issued and 45,941,700 shares outstanding at December 31,
2008 530 5 30
Additional paid-in capital 436,558 4 36,509
Accumulated deficit ( 405,283) ( 400,971)
Accumulated other comprehensive loss ( 4,245) ( 3,797)
Treasury stock, at cost, 6,981,192 shares at September 30, 2009 and 7,049,735 shares at December 31,
2008 ( 20,646) ( 20,849)
Total stockholders' equity 6,914 1 1,422
Total liabilities and stockholders' equity $ 15,364 $ 32,428
ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
(In thousands except per share data)
LIVEWIRE MOBILE, INC.
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
2009 2008 2009 2008
(in thousands except per share data)
Service revenues $ 4 ,150 $ 2,611 $ 10,723 $ 7 ,336
Product revenues 7 32 964 1 ,651 4 ,700
Total revenues 4 ,882 3,575 1 2,374 1 2,036
Total cost of revenues 1 ,638 3,015 4 ,500 8 ,675
Gross profit 3 ,244 560 7 ,874 3 ,361
66% 16% 64% 28%
Operating expenses:
Selling, general and administrative 1 ,715 7,089 6 ,550 2 1,024
Research and development 1 ,016 2,044 4 ,232 5 ,801
Restructuring and other related charges ( 11) 39 9 06 1 ,454
Impairment charges of goodwill - - ( 111) -
Total operating expenses 2 ,720 9,172 1 1,577 2 8,279
Operating income (loss) 5 24 ( 8,612) ( 3,703) ( 24,918)
Other income (expense), net ( 71) 126 455 ( 1,815)
Income (loss) from continuing operations before income taxes 4 53 ( 8,486) ( 3,248) ( 26,733)
Income tax (benefit) expense ( 8) 18 3 72 1 15
Income (loss) from continuing operations 4 61 ( 8,504) ( 3,620) ( 26,848)
Income (loss) from discontinued operations (net of income
tax provision) ( 213) 1,390 ( 692) 5 ,615
Loss on disposal of discontinued operations (net of
income tax provision) - - - ( 367)
Net income (loss) $ 2 48 $ ( 7,114) $ ( 4,312) $ ( 21,600)
Income (loss) from continuing operations per
common share - basic $ 0.01 $ ( 0.19) $ ( 0.08) $ ( 0.59)
Income (loss) from continuing operations per
common share - diluted $ 0 .01 $ ( 0.19) $ ( 0.08) $ ( 0.59)
Net income (loss) per common share - basic $ 0 .01 $ ( 0.16) $ ( 0.09) $ ( 0.48)
Net income (loss) per common share - diluted $ 0.01 $ ( 0.16) $ ( 0.09) $ ( 0.48)
Common shares - basic 46,010 45,730 45,976 45,297
Common shares - diluted 4 6,191 45,730 4 5,976 4 5,297
September 30, September 30,
(Unaudited)
2008
$ (4,312) $ (21,600)
460 2,528
Accretion of marketable securities - (58)
Amortization of other intangibles - 2,695
246 3,045
- 1,085
Other-than-temporary impairment loss on marketable securities - 1,881
(436) (43)
Collection of repurchased accounts receivable over fair value 61 -
830 4,513
91 (123)
856 754
(2,279) (4,108)
(2,096) (3,429)
(4,639) 160
(658) 952
Cash used in operating activities (11,876) (11,748)
(758) (1,557)
Purchases of marketable securities - (1,340)
Acquisition of business, net of cash acquired - (13,632)
Proceeds from sales of marketable securities - 7,585
Proceeds from maturity of marketable securities - 1,920
440 -
2,375 -
Cash provided by (used in) investing activities 2,057 (7,024)
Proceeds from line of credit - 3,805
(300) (147)
(2,610) (533)
- 250
Cash (used in) provided by financing activities (2,910) 3,375
(73) (159)
(12,802) (15,556)
19,261 20,179
$ 6,459 Cash and cash equivalents, end of period $ 4,623
Cash and cash equivalents, beginning of period
Net increase (decrease) in cash and cash equivalents
Payment of capital lease obligations
Repayment of debt
Effect of exchange rate changes on cash
Proceeds from issuance of common stock
Cash flow from financing activities:
Purchases of property and equipment, managed service assets and licenses
Cash flow from investing activities:
Proceeds from the collection of purchased accounts receivable
Receipt of cash in escrow
Depreciation of property and equipment and amort of managed service assets
Foreign exchange translation gain
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable
Inventories
Accounts payable
Accrued expenses and other liabilities
Accrued restructuring
Deferred revenue
Cash flow from operating activities:
Net loss
Stock-based compensation expense
Loss on disposal of property and equipment
(In thousands)
Prepaid expenses and other assets
Adjustments to reconcile net (loss) to cash provided by (used in) operating activities:
LiveWire Mobile, Inc.
Condensed Consolidated Statements of Cash Flows
Nine months ended September
30,
(Unaudited)
2009
2009 2008 2009 2008
GAAP operating income (loss) $ 524 $ (8,612) $ (3,703) $ (24,918)
Plus:
Stock-based compensation 97 4 78 246 2 ,704
Amortization of identified intangible assets - 1 ,036 - 2 ,442
Depreciation 124 4 87 460 1 ,171
Restructuring ( 11) 3 9 906 1 ,454
Impairment of goodwill - - (111) -
Non-GAAP Adjusted EBITDA from continuing operations $ 734 $ (6,572) $ (2,202) $ (17,147)
GAAP operating income (loss) per basic and diluted share: $ 0.01 $ (0.19) $ (0.08) $ (0.55)
Plus:
Stock-based compensation 0.00 0 .01 0.01 0 .06
Amortization of identified intangible assets - 0 .02 - 0 .05
Depreciation 0.01 0 .02 ( 0.00) 0 .03
Restructuring ( 0.00) 0 .00 0.02 0 .03
Impairment of goodwill - - ( 0.00) -
Non-GAAP Adjusted EBITDA from continuing operations $ 0.02 $ (0.14) $ (0.05) $ (0.38)
46,010 4 5,730 45,976 4 5,297
Shares used in computing diluted non-GAAP adjusted EBITDA per share 46,191 4 5,730 45,976 4 5,297
(In thousands, except per share data)
LIVEWIRE MOBILE, INC.
Unaudited Reconciliation of Non-GAAP Measures to Comparable GAAP Measures
Shares used in computing basic non-GAAP adjusted EBITDA per share
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Unaudited)
NOTES:
1) BASIS OF PRESENTATION
The condensed consolidated balance sheet as of September 30, 2009, the condensed
consolidated statements of operations for the three and nine month periods ended
September 30, 2009 and 2008, and the condensed consolidated statements of cash flows
for the nine month periods ended September 30, 2009 and 2008 include the unaudited
accounts of LiveWire Mobile, Inc. and its wholly owned subsidiaries (collectively, the
"Company"). The financial information included herein is unaudited. The condensed
consolidated balance sheet at December 31, 2008 has been derived from, but does not
include all the disclosures contained in the audited consolidated financial statements for the
year ended December 31, 2008.
In the opinion of management, all adjustments which are necessary to present fairly
the financial position, results of operations and cash flows for all interim periods presented
have been made. The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America ("GAAP") requires
management to make estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities.
On an on-going basis, management evaluates various estimates including those related to
the allowance for doubtful accounts and sales returns, write-down of excess and obsolete
inventories to the lower of cost or market value, income taxes, restructuring and other
related charges, and accounting for acquisitions and dispositions. Management establishes
these estimates based on historical experience and various assumptions that are believed to
be reasonable under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different
assumptions or conditions. The operating results for the three and nine month periods
ended September 30, 2009 and 2008 are not necessarily indicative of the operating results
to be expected for the full fiscal year or any future period.
The Company encourages you to read these financial statements in conjunction with
its Annual Report for the year ended December 31, 2008.
2) GOODWILL AND INTANGIBLE ASSETS
The Company recorded goodwill and intangible assets as a result of the acquisitions of
Groove Mobile, Inc. in March 2008 and Openera Technologies, Inc. in February 2006. On
December 31, 2008, the Company recorded an impairment charge for intangible assets and
goodwill, which reduced the carrying values of the goodwill and intangible assets to zero.
During the three months ended June 30, 2009, the Company received $111,000 in cash
previously held in escrow from the Groove Mobile acquisition to settle certain outstanding
claims by the Company. The $111,000 is recorded as a reduction to operating expenses in
the nine months ended September 30, 2009.
3) RESTRUCTURING AND OTHER RELATED CHARGES AND ACCRUALS
In the second quarter of 2009, the Company announced a restructuring plan which
consisted primarily of costs associated with a workforce reduction principally at its
operations in India, with additional reductions in headcount in Littleton, Massachusetts,
Canada and the U.K., and other associated costs. The majority of these workforce
reductions were completed by the end of the second quarter of 2009, with the remainder
expected to be completed by the end of the year. Net restructuring expense for the nine
months ended September 30, 2009 includes approximately $1.4 million of restructuring
charges related to the restructuring plan announced in May 2009, partially offset by
approximately $0.5 million related to changes in estimates associated with previously exited
facilities.
In the fourth quarter of 2008, the Company committed to several cost reduction
plans focused on streamlining its operations and eliminating certain fixed costs. The
Company eliminated 27 employee positions, primarily in its LiveWire Mobile business, to
better position it to improve operating margins in response to adverse market conditions
experienced by the Company in 2008. In association with the sale of its NMS
Communications Platforms business to Dialogic Corporation and in an effort to improve
operating margins by eliminating business roles and functions which were not necessary for
the go-forward business, the Company eliminated 20 employee positions. During the three
months ended March 31, 2009, the Company recorded $0.5 million of additional
restructuring charges related to previously eliminated positions, as some of these
employees continued to provide service during the first quarter of 2009.
In the second quarter of 2008, the Company recorded a restructuring charge of
$1.0 million. Of this amount, $0.4 million related to exited office space located at its former
headquarters at 100 Crossing Boulevard in Framingham, Massachusetts. The Company
consolidated its use of office space subsequent to the LiveWire Mobile business's relocation
of its operations to Littleton, Massachusetts in May 2008. The Company also recorded a
facility-related restructuring charge of $0.1 million related to consolidation of its French
office. In connection with the facility exit activities, the Company wrote down $0.5 million of
fixed assets associated with the exited space, primarily consisting of leasehold
improvements.
In the first quarter of 2008, in order to reduce operating costs, the Company
eliminated nine employee positions in anticipation of synergies associated with the
acquisition of Groove Mobile, which resulted in restructuring charges of $0.4 million,
consisted entirely of employee severance-related costs. In connection with the acquisition of
Groove Mobile, the Company created an exit plan to vacate the Groove Mobile corporate
headquarters and relocate employees to the LiveWire Mobile corporate headquarters. The
Company recorded a facility exit cost of $0.3 million, which represents the estimated
remaining net facility-related costs during the lease term.
4) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive loss includes the following for the stated periods:
Three Months
Ended
September 30,
Nine Months
Ended
September 30,
(In thousands) 2009 2008 2009 2008
Net income (loss) $ 248 $(7,114) $(4,312) $(21,600)
Other comprehensive income (loss) items:
Change in marketable securities available
for sale
Foreign currency translation adjustment
-
-
-
50
29 (763) (448) (394)
Comprehensive income (loss) $ 277 $(7,877) $(4,760) $(21,944)
The Company maintains intercompany receivable and payable balances existing between
the Company’s worldwide subsidiaries. During the quarter ended June 30, 2009, the
Company determined that it is unlikely that settlement of these intercompany balances will
occur in the foreseeable future. In accordance with Financial Accounting Standards Board
Statement of Financial Accounting Standard No. 52, Foreign Currency Translation, these
gains or losses for the quarter ended June 30, 2009 and September 30, 2009 were excluded
from the determination of net income and have been reported as a component of
accumulated other comprehensive income.
5) INCOME TAXES
The Company conducts business globally and, as a result, the Company or one or
more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various
state and foreign jurisdictions.
On January 1, 2007, the Company adopted FASB Interpretation No. 48, Accounting
for Uncertainty in Income Taxes—an Interpretation of FASB Statement 109 ("FIN 48").
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's
financial statements in accordance with SFAS No. 109, Accounting for Income Taxes
("SFAS 109"). FIN 48 prescribes a recognition threshold and measurement attributes for the
financial statement recognition and measurement of a tax position taken in or expected to
be taken in a tax return. This interpretation also provides guidance on derecognition,
classification, interest and penalties, accounting in interim periods, and disclosure and
transition. The Company has established a valuation allowance against net deferred tax
assets in certain jurisdictions including the United States, because the Company believes
that it is more likely than not that the tax assets in those jurisdictions will not be realized
prior to their expiration. During the three months ended June 30, 2009, the Company
established a full valuation allowance of approximately $135,000 against net deferred tax
assets relating to its Indian subsidiary. During the second quarter of 2009, and as part of
the restructuring plan described above, operations in India were terminated.
6) DISCONTINUED OPERATIONS
On December 5, 2008, the Company sold its NMS Communications Platforms business
and certain assets and liabilities of the NMS Communications Platforms business to Dialogic
Corporation. In accordance with the Financial Accounting Standards Board Statement of
Financial Accounting Standard No. 144, Accounting for the Impairment or Disposal of Long-
Lived Assets, the operating results of the NMS Communication Platforms business have
been reclassified as discontinued operations in the unaudited condensed consolidated
statements of operations.
7) SUBSEQUENT EVENTS
a) Real Estate Settlement Agreements
On October 8, 2009, the Company entered into two real estate settlement
agreements: (i) an Agreement to assign its rights and obligations under an existing lease
agreement that ran through May 2012 for 45,000 square feet of excess office space (and
related sublease agreements) to a third party; and (ii) an amendment to its Lease
Termination and Termination Payment Agreement dated December 2008 for a separate
facility, providing for the settlement of any further termination payment obligations under
that agreement (collectively the “Agreements”).
The terms of the Agreements resulted in (i) the acceleration and payment of
$850,000 (under the terms of the original Lease Termination and Termination Payment
Agreement $773,000 was due on or before January 1, 2010 and approximately $23,000
was due monthly by October, 2009, November, 2009, and December 2009), (ii) forfeiture
by the Company of a $500,000 building security deposit, and (iii) an additional net cash
payment of approximately $39,000 related to the assignment of certain sub-tenant
obligations.
The impact of the Agreements will result in a net benefit to the Company’s
Statement of Operations in the quarter ending December 31, 2009 in the range of $1.0 -
$1.2 million, as approximately $2.5 million in accrued restructuring and related liabilities
recorded on the Company’s Balance Sheet as of September 30, 2009 will be eliminated. In
addition, future obligations and payments related to this excess office space and the Lease
Termination and Termination Payment Agreement will be eliminated.
b) Restructuring
In the fourth quarter of 2009, the Company committed to a cost reduction plan
focused on streamlining its operations and eliminating certain fixed costs. The Company
eliminated approximately 20 employee positions related to the continued simplification of its
ongoing business operations and standardization around its managed services business
model. The Company expects the headcount reductions to be completed prior to December
31, 2009. The Company estimates a restructuring charge in the range of $0.4 - $0.6 million
in the quarter ending December 31, 2009 related to this plan.
c) Board of Directors and Management Changes
- On November 5, 2009, the Company announced the appointment of Matthew
Stecker to succeed Joel A. Hughes as President and Chief Executive Officer on or
before November 30, 2009. Mr. Stecker’s hiring was effective on November 10,
2009.
- On November 5, 2009, the Company announced the appointment of Robert M. Pons
as Chairman of the Board of Directors upon the resignation of Joel A. Hughes. Mr.
Pons appointment as Chairman of the Board of Directors is effective on November
13, 2009.
- On November 5, 2009, the Company announced the impending resignation of Joel
A. Hughes as President, Chief Executive Officer and Chairman of the Board of
Directors. Mr. Hughes resignation of these positions are effective on November 13,
2009.
- On November 5, 2009, the Company announced the resignation of Pamela D. A.
Reeve as Director.
- On October 26, 2009, the Company announced the resignation of W. Frank King as
Director.
after thinking a little about it - i´m convinced that Singer and Miller forced most of the developments lately. For example the elimination of the 20 employees and the whole real estate thing... + bringing in the people they want here - step by step...
let us remind: the letter Singer and Miller wrote late in July, in which they are calling for changes shows clearly their influence and intensions with the company ...
i posted the link on the Evol Board at that time:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40029657
"[...] since the beginning of the year, we have each implored Management to take actions to cut costs and reduce the unnecessary spending of the Company’s cash. Management has continually refused to heed our advice until it was blatantly obvious that the operating numbers required them to do so. The latest mismanagement comes in the form of Management requesting and the Board agreeing to a stock option grant with a strike price that is less than the per share value of the Company’s cash position. We fail to see how this in any way incentivizes Management or aligns Management’s interests with shareholders, especially when both Management and the Company’s advisors have told us that they believe the Company is worth substantially more than the current market price of the stock would indicate. We are concerned that these stock options are creating needless shareholder dilution. We request an immediate call with the independent members of the Board so that we can make our views on the foregoing and other matters known. We feel that the Board and Management must implement urgent changes to avoid additional value being lost by shareholders. We expect to hear from you promptly to arrange for a meeting early next week[...]...
Question is now: are they just forcing the development of the company to be in a "position as a leader in the growing, mobile personalization market" or are they planning something else, like a buyout, merger etc. and therefore bringing the people they need in appropriate positions?
With Karen there is always logic behind it and a bit of pre planning, imho.
Interesting. Thanks for the heads up. :)
hey eastunder, do u think that lovely Karen could be behind that latest transistion of CEO here??
wouldn´t suprise me at all...
Wasn´t Robert Pons one of the guys brought in position by Singer/Miller ? and didn´t he work together with Stecker at Tmng !?
Interesting movements behind the curtain. One could get the impression that Singer and Miller are forcing their will - looking at the personal changes made in the last year... Pons/Thoerle/Dusenberry/Reeve/now Matthew Stecker ....
the Question is why - just a logical development or is more behind it ?
LiveWire Mobile Announces CEO Transition
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20091105006523&newsLang=en
LITTLETON, Mass.--(BUSINESS WIRE)--LiveWire Mobile, Inc. (Pinksheets: LVWR), a leading provider of mobile managed personalization services, today announced a transition of its chief executive officer. Matthew Stecker will succeed Joel Hughes as president and chief executive officer. This transition is expected to be completed on or before November 30, 2009. Mr. Hughes has served as LiveWire Mobile’s President since 2007 and as its CEO and Chairman of the Board of Directors since December 2008.
"We are very pleased with what the company, under Joel Hughes’ direction, has achieved during the past two years," said Robert Pons, speaking on behalf of the board of directors. "The company has successfully transitioned the business to a recurring revenue managed services business model and significantly improved its balance sheet while restructuring itself in an effort to deliver ongoing adjusted EBITDA profitable operations. We thank Joel for his leadership and contribution to our current success, while welcoming Matthew as we seek to build on the company’s position as a leader in the growing, mobile personalization market. The Board believes Matthew’s expertise in building teams and delivering innovative, mobile technology solutions to the service provider marketplace will help propel the company forward on its mission.”
Mr. Stecker brings considerable experience as an operating executive and strategic consultant in the telecommunications industry to his new role. Mr. Stecker has served most recently as the Vice President and leader of CSMG/TMNG’s technology strategy practice, consulting to some of the world’s leading brands as they navigate the convergence of the Media and Telecom industries. He has previously served on the leadership team at Vindigo, where he led the team behind the first successful advertising-supported mobile application, and as CTO of SmartServ Online where he expanded the company’s mobile application catalog while launching the Uphonia MVNO. Previously, Matthew was President of Marble Associates, Inc. of Boston, MA – a pioneer in the implementation of Object-Oriented Technologies in Fortune 500 businesses. He received his BA degree in Computer Science from Duke University, as well as a JD degree from the University of North Carolina at Chapel Hill School of Law.
Board of Directors Changes
Upon completion of the transition, Mr. Hughes’ role of Chairman of the Board of Directors will be assumed by current board member Robert M. Pons. The Company also announces the resignation of Pamela D.A. Reeve as a Director. Mr. Pons commented, “We thank Pam for her years of service and many contributions to the Company. We wish her well in her future endeavors.”
I did some digging on Matthew Stecker and here is what I have found.
http://www.linkedin.com/ppl/webprofile?vmi=&id=9556&pvs=pp&authToken=aOL9&authType=name&locale=en_US&trk=ppro_viewmore&lnk=vw_pprofile
http://www.tmng.com/AboutUs/LeadershipTeam/PrincipalsandVicePresidents/MatthewStecker/tabid/184/Default.aspx
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Live Microsystems was founded in 1983 and has been publicly traded since 1994. Originally founded as Natural Microsystems, the company later changed its name to NMS Communications, Inc. and traded on the NASDAQ under the symbol (NASDAQ:NMSS). After the sale of its hardware business to Dialogic in 2008, the company changed its name to Livewire Mobile, Inc. and traded on the NASDAQ and later the OTC Markets under the symbol LVWR. Through its history, the company has made multiple strategic acquisitions including InnoMediaLogic, Inc. in 2000, Openera Technologies in 2006, Groove Mobile in 2008, and Fonestarz Media Group in 2010. Recently, the company has announced the sale of its operating businesses to OnMobile Global Ltd. in a transaction anticipated in this release. As part of this asset sale, the company is transferring the trade name and marks associated with "Livewire" to OnMobile and is in the process of changing its name to "Live Microsystems, Inc". Live Microsystems continues to trade on the limited disclosure tier of OTCMarkets under (OTCMarkets: LVWR). We intend to change our trading symbol at the time the name change becomes effective to (OTCMarkets: LMSC).
Website: http://www.livemicrosystems.com
Contact:
For Investor Inquiries: investor@livemicrosystems.com ______________________________________________________________________________________________________________________________________________________________________________
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