Zumierz promocompletes a major cash-flow restructuring of its businesses after a massive 2018-2019 financial year that saw the company’s revenue drop by a whopping $50m.
Key points:Zumiezy, a company founded in 2011, is the latest in a series of companies to go public following a period of slow growth in recent years Zumies chief executive says the cash-strapped company is taking the financial crisis very hardZumies shares have dropped nearly 80 per cent over the past year and the company has raised $50.2 million in cash to dateThe company, which launched its first cryptocurrency-based product in 2015, reported an operating loss of $50,000, and its share price has dropped by 80 per.cent in the last year.
Zumierzes share price fell by around 20 per cent to around $2.75 in early trading on Tuesday morning.
The company’s CEO, Zumiers vice-president of technology and innovation, Paul Dzioba, said Zumi had to take tough decisions during the financial year.
“I believe it’s very difficult for an innovative company to remain profitable in a global market, particularly in a climate of crisis,” he said.
Zuadz promos a new product: ‘Our vision is the future’Zuadez is one of the largest cryptocurrency trading platforms in the world, which allows its users to trade in cryptocurrencies for other cryptocurrencies. “
I know that some people feel it’s a bit of a relief to be able to make some kind of cash flow, but in reality it’s quite a tough business to survive.”
Zuadz promos a new product: ‘Our vision is the future’Zuadez is one of the largest cryptocurrency trading platforms in the world, which allows its users to trade in cryptocurrencies for other cryptocurrencies.
It recently became the latest company to go private after announcing it would be selling its business.
CEO Paul Dzoba said the company had decided to “move in a new direction” in order to “start fresh and reinvent our business”.
“We’re not going to be the same Zumiedz we were last year, we’re not the same company, we want to change and be a new company,” he told ABC News.
Dzioba said he was happy with the companys growth and that it was a “great opportunity” to diversify the business.
“Our vision was to start a new business, but it didn’t work out,” he explained.
The company recently announced it had closed its last two business ventures and was in the process of shutting down the remaining ones.
Mr Dzobas vision is to continue to innovate and to become a “global technology leader” and to “be the best company in the cryptocurrency world”.
ZUadz, a platform for the trading of cryptocurrencies, is one in a number of cryptocurrency-focused companies that have gone private in recent times.
Last year, a group of US firms including Bitfinex and Kraken all went private after it was revealed they were facilitating illegal transactions and were providing unfair or unbalanced trading on the platform.
In May, the UK-based platform BitStamp announced it would close its doors.