NeoMedia Restructures & Reduces Debt
August 27 2013 - 10:06AM
Business Wire
NeoMedia Technologies, Inc. (OTC BB: NEOM), the pioneer in
global mobile barcode management solutions, today announced that it
has reached a preliminary agreement with its primary investor, YA
Global Investment, L.P. (YA), to restructure and reduce its debt.
The loan agreements, with YA, will be restructured into 6
agreements, down from 32, and will reduce the total debt by $10
million. The terms of restructure and debt forgiveness are however,
dependent on the positive results of the current proxy statement
surrounding Proposal 5 and 6. Should Proxy 5 and 6 not be approved,
YA will not be willing to move forward with negotiating the debt
restructure and debt forgiveness.
“NeoMedia is happy to have worked with YA on this important
reduction and restructure,” said Laura Marriott, CEO, NeoMedia. “We
hope to have a positive outcome in our current proxy with both
proposals 5 and 6 approved. The company’s intention is to seek new
sources of financing in an effort to buy out or augment the funding
from YA. We are optimistic that our shareholders will agree that
this is a very positive move for the company.”
In its most recent Q2 10Q filing, the company announced revenue
growth of 262% and its first ever operating income. For more
information on NeoMedia, visit http://www.neom.com.
About NeoMedia
NeoMedia Technologies, Inc. is a pioneer in QR and mobile
barcode technology and infrastructure solutions that enable the
mobile barcode ecosystem worldwide. Its solutions have transformed
approximately 40 million mobile devices with cameras across 193
countries into barcode scanners, enabling a range of practical and
engaging applications. With its suite of products, services and
extensive IP portfolio, NeoMedia is able to offer customers a
comprehensive end-to-end mobile barcode solution. NeoMedia’s
current customers include international brands, agencies and
handset manufacturers. The company also has a growing portfolio of
patent licensees including Microsoft and Kraft Foods Group, Inc.
Learn more at www.neom.com or one of
our online destinations: LinkedIn, Twitter, and, Pinterest.
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