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GigaMedia details business changes

By Rachel Weber

Mon 13 Feb 2012 9:36am GMT / 4:36am EST / 1:36am PST

FunTown creator follows new hires with office mergers

GigaMedia, the FunTown game portal operator, is making a number of large changes to its business to improve its results, including merging offices.

"As part of efforts to better manage cash, steps to improve focus and establish new KPIs are underway, all of which is expected to produce cost synergies and enhanced efficiencies," it announced.

As part of the changes the Hong Kong offices will be consolidated by the end of the month. The company's other business units are also being assessed.

"Without execution of a reverse stock split it has regained compliance with NASDAQ's minimum bid price listing requirements. This represents further progress in achieving new management's major objectives and turning around the company; it also underscores new management's confidence in the value of new GigaMedia."

Recently GigaMedia appointed a new chief financial officer in Dirk Chen, and a new CEO in John Stringer.

"The new Giga begins today," he said.

"We start with talented employees and strong positions in the online games industry that we can strengthen and build upon. I look forward to creating new opportunities for our customers, partners, and employees, and am confident the new Giga will deliver new value for our shareholders."

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