The company now has two full-time staff and four contractors after an undisclosed number of people were let go in the past few months, co-founder Nadav Zin said in an OBJ interview.
The company had 20 employees at the end of 2010, according to Ottawa Technology magazine.
"It was due to the economy, trying to be efficient," Mr. Zin said, declining to disclose the circumstances under which Mr. Lane left, or the number of staff who were involved in the layoffs.
However, he noted the company is still in the same business, remaining focused on offering clickable TV for the retail space while also adding clients in fashion.
Mr. Lane's name is still listed on the website, along with the other three co-founders of the firm: Tyler Cope, Gord Wyse and Mr. Zin.
In 2009, despite the ongoing recession that year, Overlay.TV signed a deal with one of the top global online retailers, Zappos.com, which first brought the company's retail business into the forefront.
The company had been planning to sign some more deals in 2010, Mr. Lane said in a late 2009 interview.
"We started from zero, and it doesn't get much worse than zero," he said in December 2009 of the then-nascent retail business, adding it had been under substantial cost pressure as global sales plummeted.
Overlay.TV was founded in late 2007. The company received two rounds of venture capital funding, totalling $9.2 million, in 2008 from Celtic House Venture Partners, EdgeStone Capital Partners and Tech Capital Partners. Other clients have included ElleCanada.com, United Way Toronto and Hollywood Records.
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Apparently SO! Because now this Lane guy is running MyMusic.com - another total failure in the making. Those unfortunate 'investors' can kiss their $1M goodbye!