AMPD Ventures Inc (CSE:AMPD, OTCQB:AMPDF) said James Hursthouse, currently the chief executive officer (CEO) of its Departure Lounge Inc subsidiary, has been appointed as the company’s new CEO with effect from March 31, 2023.
Hursthouse succeeds Anthony Brown, who is stepping down, having held the CEO role since the company was founded. Brown is expected to continue working with the company to provide technological and business development expertise on an ongoing basis, AMPD Ventures noted.
As stated in a March 15, 2023 press release, AMPD said it intends to focus its attention and resources on supporting the continued growth of, and the opportunity represented by Departure Lounge, which utilizes the high-performance cloud and compute infrastructure developed by the company to date.
AMPD Technologies intends to continue supporting revenue-generating infrastructure deals while significantly reducing monthly cash burn.
READ: AMPD Ventures evaluating restructuring options for subsidiary AMPD Technologies
In a statement, Hursthouse said: "I genuinely believe that the company has a huge amount of real value. We understand the crucial importance of solidifying our financial operating position and growing our momentum in the marketplace. In these exceptionally challenging market conditions, cutting expenses where we can and focusing on Departure Lounge's growth provides the quickest, most cost-effective path to revenue and earnings."
AMPD highlighted the strong growth experienced by Departure Lounge, which began commercial operations in September of 2022. Its customer base and revenue have continued to grow monthly, and the company is expected to be cashflow break even or cashflow positive by summer 2023.
Departure Lounge is being recognized as a leader in the world of XR-enhanced real-time and virtual production technologies and creative services centred around its industry-leading volumetric capture stage which it launched in partnership with global volumetric pioneer, Metastage Inc.
The company was recently nominated as an official selection in the South by Southwest 2023 (SXSW) Festival for its immersive virtual reality (VR) music video, developed for Monstercat recording artist, DJ Whipped Cream. Departure Lounge is also a contributing developer for Shib: The Metaverse, which was also featured prominently at the SXSW festival.
AMPD Ventures is advancing the way digital content is created and consumed by building the world's best suite of tools and technologies for digital content creation and distribution.
By combining the power of the high-performance edge approach to cloud computing with world-leading media production technologies, AMPD enables companies to enter the next era of the internet. The team at AMPD has been leading technological developments within the games and digital media industries for nearly twenty years. AMPD was listed as a public company in 2019.
Contact the author at jon.hopkins@proactiveinvestors.com