Tue, 02 Mar 2021

YDX Announces Cash Conservation and Monetization Plans

ACCESSWIRE
13 Jan 2021, 20:31 GMT+10

VANCOUVER, BC / ACCESSWIRE / January 13, 2021 / YDX Innovation Corp (TSXV:YDX)(OTC PINK:YDRMF)(FSE:APY1) ('YDX' or the 'Company'), announces an action plan that starts with a voluntary reduction in management wages and salaries throughout the company, to be enforced until the company has grown to significant profitability.

Effective January 1st, 2021, with the full co-operation and understanding of the Company's personnel, all senior managers will voluntarily reduce their salaries by approximately 40%.

The overall annual reduction in costs will be nearly $400,000 and will remain in place until the Company reaches profitability to sustain any consideration for increases.

The Company is also investing in new sales strategies, performance incentives and partnerships, to generate faster growth and increase in revenues to all its divisions.

'The primary focus for us is in the continuity and growth of the Company,' says Kyle Sarwal, CSO. 'We simply cannot grow the business if we continue to sustain a high burn. In ensuring the success of the Company, we are executing our strategy to responsibly manage cash flow and how the Company deploys its funds. We have some exciting endeavors for the Company and all of this starts with ensuring that we build upon a solid foundation. I look forward to running our playbook into 2021.'

'We are moving from the acquisition phase to the growth phase and the recent Private Placement, has brought important resources to improve our operations. This reduction speaks to the commitment of the Company in doing the right things to build a healthy business,' stated Daniel Japiassu, CEO of YDX. 'We have some aggressive growth plans for 2021 and have already actioned our teams on some of these initiatives. I, personally, look forward to growing our YDreams operations into North America and the continued expansion of our esports division. I realize that to be successful, all divisions of the Company need to ensure they are operating in a healthy and responsible manner. As our team is growing, management is focusing on maintain our progressive purpose-driven and team-first corporate culture. I look forward to continue working with familiar faces and meeting the new faces that, collectively, will contribute to our success.'

About YDX Innovation
YDX Innovation Corp. (TSXV:YDX :: www.ydxinnovation.com) is a global leader in the commercialization of immersive new technologies that incorporate virtual reality, augmented reality, esports and gaming. Its core business seeks to monetize through licensing its IP, developing interactive exhibitions and through esports tournaments and content.

Arkave VR Arena - https://sales.arkavevr.com/ - is a proprietary gaming platform that brings location based virtual reality to any location-based event or entertainment centre. Arkave features state-of-the-art free roam technology coupled with a vast library of both in-house and third party games.

YDreams Global - www.ydreamsglobal.com - has developed over 2,000 interactive and immersive experiences for some of the largest global brands including Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AB InBev, Qualcomm, Unilever, Fiat and the City of Rio de Janeiro.

Purple Mage Advisors - www.purplemage.com - Purple Mage Advisors (PMA) is a research and data analysis firm that specializes in player recruitment and development in the gaming industry. PMA helps esports and gaming companies with industry reports, player recruitment, player training, data analysis and relevant statistical reporting.

RENDER - www.render.gg - Render is a professional video production studio specializing in crafting video content for YouTubers, Streamers, Teams and Brands. Render is highly specialized in gaming content, but also works with a wide variety of digital media.

More Information:
Daniel Japiassu
Director and CEO
dj@ydx.rocks
(604) 704-6466

contact@ydxinnovation.com | www.ydxinnovation.com | www.youtube.com/ydreamsglobal

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain 'forward-looking statements' within the meaning of applicable Canadian securities laws, including, without limitation: the intention to acquire Amuka Esports; Thew new merged company be an immediate industry leader in delivering esports; that the combined company will be able to have a more streamlined operation workflow to better monetize its existing revenues stream. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company's statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company's control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Transaction, including: that the Company's assumptions in making forward-looking statements may prove to be incorrect; general adverse market conditions and competition; the inability to finance operations and/or obtain any future strategic investment necessary to implement new technologies; the inability to build a sustainable, conscientious company with a stronger presence online through new products in esports and VR; the inability to bring Virtual Reality to consumers directly and offer expertise in immersive technologies; and that market conditions related to the COVID-19 pandemic may negatively affect the outcome of the business or operations of the Company, including its results and financial condition. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: YDX Innovation Corp.



View source version on accesswire.com:
https://www.accesswire.com/624088/YDX-Announces-Cash-Conservation-and-Monetization-Plans

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