MACCENTRAL: Dateline June 2/99
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Totally Hip reorganizes, refocuses
by Dennis Sellers, dsellers@maccentral.com
June 2, 1999, 7:00 am ET
Totally Hip Software has reorganized the company by eliminating its content creation services group and all non-software product related projects. The company's new management team will now focus its exclusive efforts and resources on the sales, marketing and development of its award-winning LiveStage and WebPainter software products to professional Web designers, education and interactive video producers.
As announced with Totally Hip's recently released second quarter results, software product sales have increased and content services have decreased when compared to the second quarter of the previous year. This is attributed to the initial success of LiveStage since January, and growth of WebPainter sales in certain markets.
"LiveStage and WebPainter are Web developer products, and not retail consumer products. They will now be marketed and sold exclusively through direct and specialized channels by sales people who understand the target markets for these products." said Randall McCallum, company founder, interim CEO and president, in a press release. "Its basic Math 101. Award-winning products plus focused marketing and sales efforts should equal an increase in sales and revenues."
After the departure of Brian Leeners as president, CEO and director, McCallum agreed to assume the role of CEO and president on an interim basis with a focus on sales and marketing. In the past 10 days, the company's new management team has instituted reductions in operating costs by eliminating all non-LiveStage or WebPainter projects and eliminating all non-essential staff positions.
These staff reductions of 40% and reduction of operating expenses will take effect during June and the last quarter of fiscal 1999. Totally Hip has eliminated the content services group and will not be proceeding with the previously announced letter of intent to acquire Jim Raffertys private California software company and its associated Windows photo editing tools.
"Among other reasons, the planned acquisition did not fit with our focus to provide award-winning cross-platform tools for the Web design and interactive video markets." said David B. Dicaire, chief operating officer and general manager.
Additionally, the company has applied to The Alberta Stock Exchange to grant 200,000 employee stock options with an exercise price of $0.60 per share.
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