Durrant Pate/Contributor

With the removal of four directors just two weeks ago, creative and media company, iCreate Limited is announcing more organisational changes, which is raising eyebrows in the market place.

Interim CEO Arlene Martin is now fully out of iCreate having been one of the four directors booted with the return of iCreate founder and reinstated chief executive, Tyrone Wilson, who is apparently cleaning house having returned to the fold.

Martin has resigned from the post of interim CEO and as director of the iCreate subsidiary of Visual Vibe.Com and is now fully out of iCreate having been one of the four directors booted.

She is joined by Ivan Carter, who has resigned as Director of the iCreate subsidiaries of Visual Vibe.Com and GetPaid Limited. Like Martin Carter is now fully out of iCreate having been one of the four directors booted.

Wilson’s return to iCreate at its annual general meeting (AGM) two weeks ago at the Jamaica Pegasus Hotel was accompanied by the removal of four directors from the company’s board. They include Martin, Allen, Dainya-Joy Wint and Ivan Carter along with the exit of Crichton Mullings & Associates as the company’s auditors. 

iCreate gets financial backing

With the return of founder Tyrone Wilson back on board, iCreate has gotten financial backing from an investment group, involving Anthony Dunn, one of the newly installed directors its AGM, which acquired 30 per cent stake in subsidiary, Visual Vibe.com. In addition to acquiring the stake in Visual Vibes, the yet-to-be-disclosed group is said to have committed to supporting iCreate in its growth plans with further working capital. 

Although Wilson has ascended back to the throne of iCreate, the company is still attempting to chart its future in a difficult 2023. iCreate’s nine-month revenue is down 21 per cent to J$78.38 million with a net loss of $150.12 million. 

This loss is largely because of acquisition related expenses for Visual Vibe.com Limited, which was acquired on May 31. The group’s net cash balance is J$5.54 million after it took out a recent J$55.84 million loan during the third quarter to deal with their negative J$28.63 million cash outflow from their operations.

Although total assets are at J$700 million, total liabilities continue to climb above J$375 million as iCreate racks up expenses related to the US$1.27 million vendor note for Visual Vibe.