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Zoomd Technologies announces measures targeted at cost savings and curtailment of non-profitable operations to optimize business lines and product offerings for improving growth, profitability, and cash flow from operations

PR Newswire - Mon Jun 5, 2023

Expected annualized net cost savings are approximately US$4 million

VANCOUVER, BC, June 5, 2023 /PRNewswire/ -- Zoomd Technologies Ltd. (TSXV: ZOMD) (OTC: ZMDTF) and its wholly owned subsidiary Zoomd Ltd. (collectively, "Zoomd" or the "Company"), the marketing technology (MarTech) user-acquisition and engagement platform, announces today its plans to implement cost savings measures, consisting primarily of the discontinuance of non-profitable operations, the near-term termination of approximately 40% of its workforce and certain other reductions in ongoing expenses. Management estimates that the annualized net cost savings of the measures will be approximately US$4 million.

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Zoomd Technologies announces measures targeted at cost savings and curtailment of non-profitable operations to optimize business lines and product offerings for improving growth, profitability, and cash flow from operations