Staff cuts and office closures as LibertyOne forecasts $60 million loss

The news comes after trading in company shares was suspended early on 4 September.

"LibertyOne will concentrate on businesses that are capable of delivering a return to shareholders in a reasonably short timeframe," chairman Nicholas Whitlam said. "The board is acting decisively to reposition the company and implement a new, more conservative and accountable regime."

While the company's half year results won't be available until mid-September, Whitlam said he estimates LibertyOne will report a loss of $60 million for the period. LibertyOne had hoped to establish itself as a player in the Asian Internet content and e-commerce market.

In addition to the Zivo Web integration business, which executives claimed was LibertyOne's main source of revenue, the company will continue its joint venture in Monet Asia Pacific. Originally involving another embattled Internet business - eisa - the Monet JV aims to become an ASP for the Asian health market. LibertyOne recently acquired eisa's share.

All other LibertyOne initiatives are now up for sale. Whitlam said the company is in discussion with potential buyers for its investment in Satellite Music Australia and uBid. According to new managing director Marcelle Anderson, "uBid has been LibertyOne's biggest ongoing cash drain". Anderson estimated that it would cost LibertyOne around $6 million to keep uBid going to the end of 2000.

According to Whitlam, offices have been closed in Los Angeles and Malaysia and 33 positions have been cut since the end of June. Staff numbers now stand at 12. Current cash reserves for the company are $4.5 million - sufficient, executives claim, to keep the business running until the end of the year.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Deanne McIntosh

PC World
Show Comments

Father’s Day Gift Guide

Brand Post

Bitdefender 2019

Bitdefender’s best-in-class security solutions have been awarded Product of the Year. Get cybersecurity that 500 MILLION users already have and trust!

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?