IZEA Restores Employee Salaries to Pre-COVID Levels
June 15 2020 - 7:15AM
IZEA Worldwide, Inc. (NASDAQ: IZEA), the premier
provider of influencer marketing technology, data, and services for
the world’s leading brands, announced today that it will be fully
restoring employees’ salaries to their pre-COVID levels beginning
July 1, 2020. The company had previously announced, via Form 8-K
filed on April 23rd, reductions of 19-21% for all employees,
including management, and also reduced pay for the company’s Board
of Directors.
“The entire IZEA team has been working diligently
to overcome the global crisis brought on by COVID-19,” said Ted
Murphy, Founder and CEO of IZEA. “I want to thank them for their
commitment and willingness to make personal sacrifices for the good
of the company and our shareholders. This team is truly dedicated
to our mission and I am honored to lead them.”
“Over the past several weeks we have gained
significant confidence in our core business. We are still very much
so monitoring the situation, but current indications lead us to
believe we are through the worst of the impacts,” continued Murphy.
“We expect managed services bookings to deliver growth this quarter
despite the significant drop in March and April that we previously
shared on our earnings call. As we look forward to the second half
of the year, we are also seeing the pipeline build in both managed
services and SaaS and have new revenue opportunities
with Shake.”
“In addition to the sales rebound, we have also
added $13.1 million to the company’s balance sheet in the past week
through our previously disclosed at-the-market offering. This
capital will enable us to fund ongoing operations and invest in the
growth of the business. We are emerging from the initial effects of
COVID-19 both more efficient and in a substantially stronger
financial position,” added Murphy. “We are focused on capitalizing
on the increased interest in influencer marketing in a variety of
ways.”
IZEA previously announced that it temporarily
closed all offices and chose not to renew the lease on its
headquarters, which expired in April. The company will remain 100%
remote near-term and will not be signing any new leases until such
time that management feels employees would be safe and comfortable
in an office environment.
About IZEA Worldwide, Inc.IZEA Worldwide,
Inc. (“IZEA”) operates IZEAx, the premier online
marketplace that connects marketers with content
creators. IZEAx automates influencer marketing and custom
content development, allowing brands and agencies to scale their
marketing programs. IZEA creators include celebrities and
accredited journalists. Creators are compensated for producing
unique content such as long and short form text, videos, photos,
status updates, and illustrations for marketers or distributing
such content on behalf of marketers through their personal
websites, blogs, and social media channels. Marketers receive
influential content and engaging, shareable stories that drive
awareness. For more information about IZEA, visit
https://izea.com/.
Safe Harbor StatementAll statements in this
release that are not based on historical fact are “forward-looking
statements” intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. Forward-looking statements, which are based on certain
assumptions and describe our future plans, strategies and
expectations, can generally be identified by the use of
forward-looking terms such as “may,” “will,” “would,” “could,”
“should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,”
"likely," "projects," “plans,” "pursue," "strategy" or "future," or
the negative of these words or other words or expressions of
similar meaning. Examples of forward-looking statements
include, among others, statements we make regarding expectations
concerning IZEA’s ability to increase revenue and bookings, growth
or maintenance of customer relationships, and expectations
concerning IZEA’s business strategy. Forward-looking statements
involve inherent risks and uncertainties which could cause actual
results to differ materially from those in the forward-looking
statements, as a result of various factors including, among others,
the following: competitive conditions in the content and social
sponsorship segment in which IZEA operates; failure to popularize
one or more of the marketplace platforms of IZEA; uncertainty
relating to the effects of COVID-19, our ability to establish
effective disclosure controls and procedures and internal control
over financial reporting; our ability to satisfy the requirements
for continued listing of our common stock on the Nasdaq Capital
Market; changing economic conditions that are less favorable than
expected; and other risks and uncertainties described in IZEA’s
periodic reports filed with the Securities and Exchange Commission.
The forward-looking statements made in this release speak only as
of the date of this release, and IZEA assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
law.
Martin Smith
IZEA Worldwide, Inc.
Phone: 407-674-6911
Email: ir@izea.com
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