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"To preserve our strong cash position while focusing on the emerging digital subscription business, we will be leveraging our strong competencies to enable our retail and channel partners to enter into this new music arena."
——Gerald Kearby, Liquid Audio President/CEO
LIQUID AUDIO TAKES ON WATER
Redwood City, CA, Company's Restructuring Claims 78 Employees
The dot-come-down continues.

Liquid Audio, Inc., the Redwood City, CA, provider of software, infrastructure and services for secure Internet media delivery, has undergone a corporate restructuring which eliminated approximately 40% of its workforce, or 78 of the 195 employees.

The reduction is across all departments, including VP Corporate Marketing Andrea Fleming and Content Team member (and former Twin Tone Records founder) Paul Stark. 

In addition, the company will enact other expense management initiatives, including consolidating its three Redwood City locations into a single facility.

President/CEO Gerald Kearby said the cutbacks will help the company achieve its financial goals and refocus its efforts on areas of commercial potential, yada yada yada: "To preserve our strong cash position while focusing on the emerging digital subscription business, we will be leveraging our strong competencies to enable our retail and channel partners to enter into this new music arena. Correspondingly, we have restructured the company to more effectively address the technological needs of htis marketplace."

Upon completion, the restructuring and expense management programs are anticipated to produce significant cash savings. Liquid Audio expects to record a cash charge related to these charges of approximately $3.5-4 million in the second quarter. The company's Q1 financial results for the period ending March 31 will be announced May 10. Shares are down 9 cents at $2.40 on volume of 51,000 shares in today's trading on Nasdaq.

Added Kearby: "These new services will leverage Liquid Audio's proven music distribution infrastructure and patented technologies to accelerate the adoption of digital music. Accordingly, the company is de-emphasizing its efforts in non-core business areas, including kiosks and other micro-businesses. And we've cut Josh Mills' cell phone allowance by 75%."

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