Report: MOD Systems Furloughs
Seattle-based MOD Systems, which makes technology to deliver movie and music files through self-service kiosks, is putting some workers on unpaid furlough as it attempts to raise more money. The news comes via TechFlash, which says it confirmed the furloughs with CEO Anthony Bay today. TechFlash also notes this SEC filing from early last month that said MOD Systems had raised about $500,000 of a planned $8 million financing. MOD has been through rough waters recently: Co-founder and former CEO Mark Phillips was convicted of federal fraud and money laundering charges last month, and the company said late last year that it was cutting about a third of its workforce.