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Steve's Gadget Blog
UK video streaming co. to de-emphasise Europe; CEO quits
October 02, 2008
British video streaming small-cap firm, Vividas, announced it is cutting European operations to focus on Asia-Pac and North America, and added that chief executive Paul Neville has decided to step down immediately.
The UK firm said with the video streaming market still in its infancy and the economic climate toughening, the board has decided to focus on those markets where the business has enjoyed the most traction to date and which offer the greatest opportunities.
The company says it has developed streaming software technology able to transmit HD quality video over normal broadband connections, without the need for users to download and install plugins.
Reducing its European operations and focusing on Asia-Pacific and North America will generate cost savings of about £500,000 per year, Vividas said.
But the group added that it is currently reviewing "all strategic options for the business as it focuses on maximising shareholder value". That kind of language is often code for 'looking for a buyer'.
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