| In an effort to speed plans to reorganize and implement its new business model, Vancouver, B.C.-based GlobalMedia.com announced a number of changes in management and board composition.
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Jeff Mandelbaum will step down as the Company's CEO and will resign from the board, on February 1, 2001, in order to pursue other opportunities. Two investor representatives will also resign from the board at that time.
Michael Metcalfe, Global's founder, past CEO and President and largest shareholder, will re-assume his former roles as CEO and President. Metcalfe is presently working to recruit other potential board members and senior executives.
"I am excited to become actively re-involved in the company on a day-to-day basis as it implements its new focus on the high growth segments of media delivery," said Metcalfe.
Global recently refocused its business strategy away from Internet audio delivery, including the pending sale of its radio station streaming audio contracts to SurferNETWORKS.com. The company plans to focus on video delivery over the Internet and on the development of its next generation technology, which is targeted for the growing broadband and wireless market.
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Global is continuing to significantly scale back its operations and is actively seeking funding and strategic combinations in order to fund operations while it implements its new business model, to repay its existing liabilities, and to restore its share price, currently lingering around 0.156, to the level required for continued listing on the Nasdaq National Market.
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