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Coffee help you to awake. HA HA
Ogo-Maker IXI Mobile Cuts Staff By 25 Percent; Abandons U.S. Market
By Matt Kapko - Thu 21 Aug 2008 04:34 PM PST
Belmont, Calif.-based IXI Mobile, which makes Ogo mobile devices, has cut 40 employees or 25 percent of its staff and is closing facilities to save money, San Francisco Business Times reports. The company lost $21.5 million a year ago and was able to cut its second quarter loss to $11.4 million, but sales are dropping at a good clip, and one customer made up 69 percent the company’s entire sales in the latest quarter. Last week the company’s sales staff was cut from 21 people to nine. Gideon Barak, its executive co-chairman, and CEO Amit Haller, were fired and CFO Lihi Segal quit. Israel Frieder has been named chairman and CEO and Motti Gill is replacing Segal. At the close of the most recent quarter, IXI’s accumulated deficit peaked to $180.2 million. Back in 2004, IXI made a deal with AT&T (NYSE: T) Wireless to sell Ogo, a quirky mobile device termed a ‘Personal Mobile Gateway,’ which was geared towards teens for IMing, emailing and surfing the Web. But AT&T Wireless never sold many and discontinued the device soon after. Last week IXI decided to essentially abandon any business dealings in the U.S., and focus exclusively abroad