Mr. Daniel Japiassu reports
YDX ANNOUNCES CASH CONSERVATION AND MONETIZATION PLANS
YDX Innovation Corp. has provided an update on an action plan that starts with a voluntary reduction in management wages and salaries throughout the company, to be enforced until the company has grown to significant profitability.
Effective Jan. 1, 2021, with the full co-operation and understanding of the company's personnel, all senior managers will voluntarily reduce their salaries by approximately 40 per cent.
The overall annual reduction in costs will be nearly $400,000 and will remain in place until the company reaches profitability to sustain any consideration for increases.
The company is also investing in new sales strategies, performance incentives and partnerships to generate faster growth and increase in revenues to all its divisions.
"The primary focus for us is in the continuity and growth of the company," said Kyle Sarwal, chief scientific officer. "We simply cannot grow the business if we continue to sustain a high burn. In ensuring the success of the company, we are executing our strategy to responsibly manage cash flow and how the company deploys its funds. We have some exciting endeavours for the company and all of this starts with ensuring that we build upon a solid foundation. I look forward to running our playbook into 2021."
"We are moving from the acquisition phase to the growth phase and the recent private placement has brought important resources to improve our operations. This reduction speaks to the commitment of the company in doing the right things to build a healthy business," stated Daniel Japiassu, chief executive officer of YDX. "We have some aggressive growth plans for 2021 and have already actioned our teams on some of these initiatives. I, personally, look forward to growing our YDreams operations into North America and the continued expansion of our e-sports division. I realize that to be successful all divisions of the company need to ensure they are operating in a healthy and responsible manner. As our team is growing, management is focusing on maintain our progressive purpose-driven and team-first corporate culture. I look forward to continue working with familiar faces and meeting the new faces that, collectively, will contribute to our success."
About YDX Innovation Corp.
YDX Innovation is a global leader in the commercialization of immersive new technologies that incorporate virtual reality, augmented reality, e-sports and gaming. Its core business seeks to monetize through licensing its IP, developing interactive exhibitions, and through e-sports tournaments and content.
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