SLANG Worldwide (OTCMKTS: SLGWF) has announced that it has done away with the Chief Revenue Officer position effective January 14, 2022. As part of the company’s efforts to drive future revenues, increase operational efficiencies, and minimize capital expenditures, the decision was made following the actions taken to reorganize the sales and marketing teams.
SLANG reorganized marketing and sales departments
Drew McManigle, Interim CEO and Chairman, said, “Since I joined in November, we have been reviewing the entire company, intending to reposition SLANG as a highly effective, nimble organization. Following our internal review process, management has made the decision to restructure the sales and marketing departments, resulting in the elimination of the Chief Revenue Officer position. Through this restructuring, our main goal is to improve operational efficiencies, while positioning the company for future revenue growth, and helping to drive shareholder value.”
“We would like to thank Mr. Hilal Tabsh for his contributions while serving as Chief Revenue Officer and wish him the best in his future endeavors,” added McManigle.
The company also announced that it had distributed common shares to some former and current executives in exchange for compensation deferrals committed to in fiscal 2020 to save cash: A previous executive received 377,825 common shares at a presumed price of $0.0920 per share, while current executives received 138,107 common shares at a supposed price of $0.3258 per share. The securities are subject to a four-month and one-day hold period beginning on the issue date and ending four months and one day afterward.
SLANG reported revenue of $10.1 million in Q3 2021
Recently the company announced Q3 2021 revenue of $10.1 million, up from $7.9 million in Q3 2020. In the third quarter of 2021, the company earned about $1.1 million in sales following the closing of the purchase of High-Fidelity, Inc. in August 2021. SLANG’s brands continue to gain market-leading status in its Main Markets of Vermont and Colorado. Cash and equivalents were $3.5 million as of September 30, 2021, including $5 million in transaction charges paid after the HiFi acquisition.
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