AMPD Ventures Inc. Announces Layoffs at AMPD Technologies to Reduce Expenses

Rhea-AI Summary

AMPD Ventures Inc. has announced layoffs at its subsidiary, AMPD Technologies, effective March 23, 2023, impacting seven employees, which is about 60% of the staff. This move is part of a larger restructuring plan aimed at significantly reducing expenses while still serving existing clients and pursuing growth opportunities. The company aims to achieve cash flow neutrality by summer 2023 and is assessing all business operations to implement further cost reductions. CEO James Hursthouse emphasized that these layoffs do not reflect the team's dedication and thanked the affected employees.

Positive

• AMPD Ventures is focusing on cost reduction to enhance financial stability.
• The restructuring is aimed at achieving cash flow neutrality by summer 2023.

Negative

• The layoffs represent about 60% of AMPD Technologies' staff, indicating significant operational downsizing.
• The need for layoffs raises concerns about the company's current financial health and operational viability.

VANCOUVER, BC / ACCESSWIRE / March 24, 2023 / AMPD Ventures Inc. (CSE:AMPD)(OTCQB:AMPDF)(FRA:2Q0) ("AMPD" or the "Company") announces at it has laid off seven employees at its AMPD Technologies (Canada) Inc. ("Technologies") subsidiary, effective March 23rd, 2023.

This layoff, representing approximately 60% of the Technologies staff, is the beginning of the Company's restructuring and focus on significant expense reductions without impeding the Company's ability to service its existing clients and grow its business.

As previously released on March 15, 2023, AMPD is committed to reducing monthly expenses and strengthening the company in its endeavour to be cash flow neutral this summer. The Company is continuing to evaluate each business to effectively cut additional costs while maintaining the opportunity for continued growth.

"These layoffs are in no way a reflection of the dedication or commitment to AMPD Technologies from the team members affected and I would like to thank each of them for their contribution made to date," commented newly appointed CEO, James Hursthouse. "AMPD Technologies has a number of deals in its pipeline, and we are ensuring we can close them and still grow organically in light of the cuts being made."

AMPD Ventures is committed to ensuring shareholders are updated regularly as additional cuts are made and advise them as the Company achieves certain milestones.

About AMPD Ventures Inc.

AMPD Ventures Inc. ("AMPD") is advancing the way we create and consume digital content by building the world's best suite of tools and technologies for digital content creation and distribution. By combining the power of the high-performance edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet. The team at AMPD has been leading technological developments within the games and digital media industries for nearly twenty years. AMPD was listed as a public company in 2019. Additional information about the company is available on SEDAR and our website at http://www.ampd.tech.

Company Contact: Ian Wilms, Vice President, AMPD Ventures Inc., Telephone: 289-339-6072, Email: ian.wilms@ampd.tech

For further information about AMPD Ventures Inc., please visit http://www.ampd.tech or contact Neil Simon, CEO, Investor Cubed Inc., Telephone: +1 (647) 258-3310, Email: nsimon@investor3.ca.

Cautionary Statement

Forward-Looking Statements

Certain statements made herein may contain forward-looking statements or information within the meaning of the applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

SOURCE: AMPD Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/745595/AMPD-Ventures-Inc-Announces-Layoffs-at-AMPD-Technologies-to-Reduce-Expenses

FAQ

What recent changes did AMPD Ventures announce regarding its staffing?

AMPD Ventures announced layoffs affecting seven employees at its AMPD Technologies subsidiary, which is about 60% of the staff, effective March 23, 2023.

Why did AMPD Ventures lay off employees?

The layoffs are part of AMPD Ventures' restructuring plan to significantly reduce expenses while maintaining client service and growth opportunities.

What is AMPD Ventures' goal following the layoffs?

AMPD Ventures aims to achieve cash flow neutrality by summer 2023 through cost-reduction measures.

How does AMPD Ventures view the layoffs in relation to its employees?

CEO James Hursthouse stated that the layoffs do not reflect the dedication of the affected employees and expressed gratitude for their contributions.