Legible Inc. (OTC: LEBGF) is undergoing a strategic corporate restructuring, resulting in the layoffs of key personnel, including the former CFO and Head of Accessibility. The company is actively seeking a new CFO while maintaining a consulting relationship with Laura Brady to enhance accessibility. Legible aims to capitalize on opportunities from the London Book Fair and has engaged Hybrid Financial Ltd. for marketing services, with a contract worth $22,500 monthly for 12 months. The company focuses on providing next-generation eBook experiences.
Legible Inc. has announced a significant reduction in its workforce from 60 to 37 employees, effective April 4, aimed at streamlining operations and cutting the annual burn rate by nearly $2 million. This restructuring entails a one-time cost of $75,200. CEO Kaleeg Hainsworth emphasized this decision supports their revenue growth strategy for 2022 and beyond. Hainsworth will also take over responsibilities from the former CTO, Adam Zouak, while presenting at the London Book Fair on April 5 to advance partnerships with major publishers.
Legible Inc. (CSE: READ, OTC: LEBGF) has updated its investor presentation featured on its website, highlighting the positive impact of its newly launched Legible Publishing Services. CEO Kaleeg Hainsworth expressed enthusiasm to present these developments at the 8th Annual AlphaNorth Capital Event on March 26, 2022. The event aims to connect growth-stage companies with capital finance individuals through scheduled meetings. Legible operates an online eBook marketplace, committed to enhancing the eBook experience and promoting sustainability and accessibility in reading.
Legible Inc. has appointed KPMG LLP as its new auditor, effective March 8, 2022, following the resignation of Baker Tilly LLP. This change marks a significant step for the company as it seeks to enhance its financial oversight. Legible Inc. operates an online eBook marketplace, Legible.com, aimed at providing engaging eReading experiences while promoting sustainability and accessibility.
Legible Inc. has launched a new service, Legible Publishing Services, providing comprehensive eBook digital conversion solutions. This service aims to satisfy the rising demand for accessible eBooks, targeting the one billion individuals with reading disabilities. By partnering with leading publishers, Legible is positioned to enhance its eBook catalog and generate significant revenue. Currently, the platform has 14,000 users and has recently acquired contracts with three of the top five global publishing houses, facilitating the production of multimedia and immersive eBooks.
Legible Inc. (CSE: READ, OTC: LEBGF) announced that CEO Kaleeg Hainsworth will present at the 2022 London Book Fair on April 5 and 7. His talks, focusing on the future of digital publishing, will address how evolving technologies will engage the next billion internet users in reading. Additionally, Hainsworth will showcase Legible's innovative 'Living Book' concept, enhancing eBooks with multimedia content. Legible is a Gold Sponsor of the event, emphasizing its commitment to sustainable ePublishing and accessibility. Recordings of the presentations will be shared on Legible's social media and investor relations sites.
Legible Inc. (OTC: LEBGF) has announced a non-brokered private placement financing of 7,500,000 Units, targeting gross proceeds of up to CDN $3 million. Each Unit is priced at CDN $0.40 and includes one common share and a warrant. Funds raised will be allocated for business development, marketing, technology development, and working capital. The financing is subject to Canadian Securities Exchange approval. The company aims to support product feature releases and marketing campaigns leading to the full launch of its eReading platform in summer 2022.