The exercise, which entails financial and operational changes, is being implemented by an interim management, headed by company founder Andrew Yap. It is expected to be completed before Christmas.
'We have moved office when we couldn't reach an agreement with the landlord, but our services are still live with no indication of any negative activities,' he assured.
CEO Craig Zimbulis and CFO Robin Payne are understood to have left the company on an unhappy note after a disagreement with the shareholders over sales projection and the overall direction of the company.
Yap said he is now in talks with three overseas parties for new funding and looking to put a new management team in place whereas the current shareholder's list remains unchanged.
His family's company YTC, a Singapore-based multi-national conglomerate, was the founding investor and the single largest shareholder of Anytime, which was later joined by four Hollywood studios (Sony, Warner Brothers, Fox and NBC Universal), Intel and Macquarie Bank.
'Although the whole industry is progressing rapidly, VOD has not taken off as quickly as anticipated. The delay is mainly due to business and technical reasons. The carriers, for example, wanted to wait for the others to launch first and it takes time for them to retune their network,' said Yap.
Anytime has existing carriage deals in Australia, Taiwan, Thailand, India and China.