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FINWIRES

East Side Games Group Cuts Jobs And Scales Back on Projects to Reduce Costs

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East Side Games Group (EAGR.TO) cut roughly a third of its workforce, or 30 employees, this week and aims to generate annualized cost savings of CA$3.5 million.

The developer and publisher of mobile games said overnight Thursday that most of the savings, expected to be realized from the fourth-quarter of this year, are in addition to the CA$4 million in annualized cost savings implemented year-to-date.

The Vancouver, BC-based company is also scaling back of certain titles and projects, to focus on its best-performing and highest-potential live games.

East Side Games is restructuring payment terms with certain development and publishing partners.

The company's shares were unchanged at CA$0.07 on the Toronto Stock Exchange.

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