Newzulu Ltd (ASX:NWZ) is a crowd-sourced media company.
Newzulu (ASX:NWZ, OTCQX:) has posted revenue up 518% to $1.49 million for the first half FY 2016 over the prior comparative period driven by selling technology which enables clients to crowd source media content.
Revenues generated by this division contributed 62% of the total.
A material reduction in CEO & executive compensation is in effect to conserve cash. Further significant cost cuts exceeding $5 million per annum are being implemented and the benefits of these will be realized in FY2017.
There was an increase in run rate revenue to $4.9 million per annum, up 45% compared with September 2015, based on record sales generated in December 2015.
The company is aiming to be cash flow positive in calendar year 2016.
The company will commence trading American Depositary Receipts on the OTCQX exchange in the U.S.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.