Xyience fired much of it's sales staff last week according to an article on BevNET.com. Key quote:
Xyience, the Las Vegas-based maker of Xenergy, had seen fast expansion as a result of a sponsorship deal with the mixed martial arts league UFC and its popular television show “The Ultimate Fighter.” But this week the company notified much of its approximately 70-member sales force that it would be firing them due to financial setbacks, and this has led to speculation it would soon file for bankruptcy.This represents the latest in a series of bad press the company has recently received. The report comes on the heels of the company's recent $12 million capital infusion, which was reportedly funded by the Fertitta brothers, and a three-year extension of its sponsorship with the UFC. At the time the funding and extension were announced, CEO Adam Frank said, "We believe that the combination of new financing and the extension of our UFC(R) relationship firmly positions the company for success as we embark on a worldwide expansion of the XYIENCE and Xenergy brands."
