Online advertising provider and ISP GoConnect (ASX:GCN) reduced its losses by 14.5% to $668,500 in 1H10, despite a 27.5% decrease in revenue.
The company, which reported revenue of $245,000 in 1H10, said its ability to continue to operate will be dependent on the success of its acquisition of PLW Entertainment and Cashmere Media.
The acquisitions, announced last month, will allow the company to offer new media and entertainment services, including IPTV, a music industry networking platform and a stable of recording artists, GoConnect said.
The company added that it has lined up financing from Sino Investment Services in the event the company needs access to new capital.
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