FEATURE: Virtutone Networks (VFX:TSX-V) Net Revenues of $39.6M for Q3 2014
"One of Virtutone Networks Inc.'s biggest clients based in London, United Kingdom, has not been able to make payments of a total amount of $13.8-million (U.S.) to the company. Virtutone's management has taken all the necessary steps in order to get payment but so far to no avail. Considering the importance of the amount involved, Virtutone had no other alternatives than to reduce costs to the minimal as well as to lay off all staff, excluding Jason Allen, chief executive officer, as well as William N. Woods, chief financial officer, and is now suspending operations to concentrate all efforts on obtaining payment. The outcome of these efforts being uncertain, there is no guarantee that Virtutone will be able to resume operations. Virtutone's management is currently undergoing a strategic review of available options and recourses in light of the current circumstances. The company's management will provide further updates as to progress of the situation and actions to be taken.