MORE NEWS FROM $AUGT, HIT A HIGH OF 1.30 YESTERDAY AND CLOSED AT 1.22. WILL BE ON THE RADAR AGAIN TODAY FOR MORE GAINS
Augme Technologies, Inc. (OTCBB: AUGT) (“Augme” or the “Company”), a technology and services leader in interactive media and mobile marketing and mobile advertising, today announced that it is implementing a restructuring program that is expected to reduce ongoing operating expenses and improve cash flow by approximately $6.0 million on an annual basis beginning in the third quarter of fiscal 2013 ending November 30, 2012. The Company estimates that it will take restructuring charges for the third and fourth fiscal quarters that will total approximately $1.0 million.
“Following direction from the Board of Directors, and my mandate, we are restructuring our overall corporate and non-revenue focused overhead expenses in order to better align our business with our Hipcricket operating company and its industry leading patented technology. Our immediate attention is on headcount reductions, slowing the pace of investments in our IP portfolio and driving out all excess variable expense items,” said Robert F. Hussey, Interim CEO. “Our goal is to minimize Augme’s cash burn while carefully investing our resources and protecting our strategic assets which are the foundation of Hipcricket’s leadership position in the mobile marketing and mobile advertising industry.”