GPN Network Explores Merging or Selling

GPN Network Inc., an Irvine holding company for two online operations, said Wednesday that three executives have left the company and that it is looking to merge or sell itself.

The company said in a press release that it is making major cutbacks to deal with a difficult business climate and dwindling cash reserves.

GPN said that its chief financial officer, Eric Hopkins, “is no longer with the company” and that Marcus Hurlburt, its executive vice president, and Jeff Diamond, its chief technology and chief operating officer, have resigned.

Diamond, who also is the company’s second largest shareholder, has agreed to act as a consultant to the company for a limited period of time. At this time, Hurlburt is still registered with the company’s broker-dealer subsidiary.

GPN, which owns GoNow Securities and holds a majority stake in GoBizNow Inc., said it is exploring all strategic alternatives, including a merger or sale of the company.