Live Current Media, Inc. (LIVC)

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Live Current Media Reports First Quarter Results
Measures Announced in Early 2009 Result in Increased Gross Margins and a Significant Reduction in Costs
May 15, 2009 4:32:00 PM
Copyright Business Wire 2009


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View Additional ProfilesVANCOUVER--(BUSINESS WIRE)-- Live Current Media Inc. (OTCBB:LIVC), a media company built around content and commerce destinations, today announced that it saw increased gross margins for the quarter ended March 31, 2009 over the same period last year. All results contained herein are reported in US Dollars under United States generally accepted accounting principles (US GAAP). The financial results are extrapolated from the Company's unaudited financial statements and related notes included in its most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.

Select Q1 2009 Financial Highlights and Corporate Developments

-- Q1 revenue of $1.75 million driven by significant sales in the health
and beauty segment.
-- General and administrative expenses decreased by 68% compared to Q1 of
2008.
-- Management fees and employee salaries decreased by 34% compared to Q1 of
2008, not including stock-based compensation.
-- Advertising expenses decreased by 35% compared to Q1 of 2008.
-- Overall gross margin increased from 19.6% in Q1 of 2008 to 20.9% in Q1
of 2009.
-- Entered into sales agreements for two of the Company's non-core domain
names for $1.65 million to raise capital in a non-dilutive manner.
-- Restructured the ten-year licensing agreement with the IPL such that all
future liabilities will be owed by Global Cricket Venture ("GCV"), Live
Current's 50.05% owned subsidiary, and terminated the licensing
agreement with BCCI around the Official BCCI portal.
-- Cricket.com generated $50,000 in revenue in Q1, a more than 200%
increase over Q4 of 2008.

Subsequent to quarter end, Live Current sold another domain name for an additional $400,000 to raise funds to provide additional liquidity.

Geoffrey Hampson, Chairman and CEO of Live Current, said; "Live Current has restructured its costs and refocused growth efforts on the health and beauty and cricket businesses. These efforts have shown positive results and we believe that the company may be positioned for profitable operations in the future." Hampson further added, "We are also encouraged by the prices we are able to achieve for our non-core domain names which, we believe, further validates the underlying value of our assets."

Detailed information regarding Live Current's first quarter 2009 financial results can be found in the Company's quarterly report on Form 10-Q, which has been filed with the SEC and is available through the investor section of Live Current's corporate website, at http://livecurrent.com/investors.php.

About Live Current Media Inc.

Live Current builds, owns and operates some of the most powerful and engaging content and commerce destinations on the Internet, such as www.perfume.com and www.cricket.com. Through subject-specific DestinationHubs(TM), Live Current properties connect people to each other and to the information, brands, and products they are passionate about. Live Current has headquarters in Vancouver, Canada with a location in Seattle, WA 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 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.




Source: Live Current Media Inc.


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Live Current
Andrea Laird
Investor Relations Contact
604-453-4870 or 1-866-898-4354
[e-mail]