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News, features and resources for media and publishing professionals. Wednesday, April 18, 2001 Blogs | Subscribe | Interviews | Events | Films | Book Blog Media Cynic | Forum | Advertising | Classifieds | Jobs Snowball Announces 33% Staff Reduction Snowball, an online network for young adults founded in 1999, announced that it has reduced its workforce by approximately 55 employees, or 33 percent. Snowball also announced that it received notification from Nasdaq on April 10, 2001 that its common stock is subject to delisting from the Nasdaq National Market for failure to comply with Marketplace Rule 4450(a)(5), requiring maintenance of a minimum bid price of $1.00 per share. Snowball has requested a hearing before the Nasdaq Listings Qualification Panel to review Nasdaq's decision. ``As we previously announced, we are committed to reducing our operating loss to achieve cash-flow breakeven by the end of 2001,'' said Mark Jung, Snowball's CEO. ``We continue to see weakness in the online advertising industry and therefore are taking further actions to reduce our expenses to bring them in line with our revenue expectations. We believe this reduction better positions us to maintain our award-winning Gen i media properties as we continue to focus on diversifying our revenue streams through performance-based marketing products, subscription services, and `beyond the banner' advertising programs.'' Related Links: · Snowball.com Click here to return to the homepage of The Write NewsTM Click here to subscribe to our free weekly email newsletter. www.writenews.com Copyright © 1997-2007 by Writers Write, Inc. All Rights Reserved.