--(www.USEquityNews.com)-- 09/29/2008 - Internet Information Provider industry alert provided by U.S. Equity News. Elysium Internet, Inc. (OTC BB:EYSM.OB), a next generation Internet advertising and new media Company, today announced that it has completed its new Internet directory platform. The new platform is now up and running on Elysium's Podiatry industry portal www.Podiatrists.com. Elysium Internet CEO Scott Gallagher commented, "We're excited to have completed our new and improved Internet directory platform. The improvements we've made have dramatically increased the value proposition of our offering and give our customers complete control over their Internet marketing solutions. The new proprietary platform includes a totally automated web site generator that allows our customers to build and maintain a website, secure a sub domain address from one of our directories and completely manage an Internet directory listing. While it has taken us longer than we originally expected to complete and launch our new platform, we're confident that the end product is significantly better than anything else on the market." Gallagher went on to say, "Over the coming weeks we'll rollout the platform on our other directory sites www.Pediatricians.com, www.Auditors.com, www.Therapists.net and we'll launch Psychiatrists.com as we flip the switch from a technology development organization to a sales and marketing one. With our new sales initiatives we're already seeing improved sign-ups at our www.DietitianDirectory.com and look forward to ramping up the other directories with the new platform to further monetize our sites."
As part of a company-wide cost-cutting initiative started last year, Autobytel Inc. (Nasdaq:ABTL) today announced it has eliminated an additional 75 positions, or approximately 35% percent of its workforce. These reductions reinforce management's previously announced commitment to improve cash flow and attain profitability. Autobytel anticipates saving approximately $10 million annually as the result of the workforce reduction and the elimination of certain other expenses. The company expects to record a charge related to severance and other employee-related costs totaling approximately $2.2 million over the third and fourth quarters of 2008. "As we navigate through this challenging economy, we are taking all the necessary and proactive, though sometimes difficult, steps to further reduce costs. We believe that at the end of this process we will have a leaner, more focused company, right-sized to compete in the current economic climate," said president and chief executive officer of Autobytel, Jim Riesenbach. "While it is never easy to make a change of this magnitude, we believe our actions are necessary to bring the company more closely in line with our goals of reaching cash flow breakeven and achieving profitability.
