techDaily.info :: NeoMedia Technologies, Inc., Form S-1 Filing Declared Effective by SEC, Equity Line of Credit Available to Company Now $10 Million

Friday, July 30, 2010

NeoMedia Technologies, Inc., Form S-1 Filing Declared Effective by SEC, Equity Line of Credit Available to Company Now $10 Million

Posted: 2/24/2003

Posted By:	The Kaminer Group		Contact:	David Kaminer
Phone:	9146841934		Email:	dkaminer@kamgrp.com

FORT MYERS, FL, February 19, 2003 – NeoMedia Technologies, Inc. (NASDAQ: NEOM), an international leader in print-to-Internet technology, said today that its Form S-1 Registration Statement has been declared effective by the Securities and Exchange Commission, and as a result, NeoMedia now has access to its $10 million Equity Line of Credit with Cornell Capital Partners LP.
Charles T. Jensen, the company's president, COO and acting CEO, said the SEC declared the document effective on February 14.
Jensen said that earlier in the week he signed a new two-year agreement with Cornell Capital Partners, LP, which included a $10 million credit line.
NeoMedia's initial agreement with Cornell for a $2 million line of credit was made a year ago (see "NeoMedia Technologies Receives $2 Million Equity Line of Credit," Business Wire, April 17, 2002) and a new agreement for a $5 million line was signed later in the year (see "NeoMedia Technologies Files 10-Q Showing Improved Performance, Announces New $1.5 Million Contract in its Storage Solutions Business," Business Wire, August 29, 2002).
Under the terms of the agreement, NeoMedia can sell its common shares to Cornell Capital at any time during a two-year period at 98% of the lowest closing price of the shares during the five-day period immediately preceding the sale and following the notice, and can draw a maximum of $150,000 every seven business days. Cornell Capital is a New Jersey-based investment fund managed by Yorkville Advisors Management, LLC.
"We believe that having access to our $10 million equity credit line with Cornell Capital represents a watershed moment in our history and re-emergence as a pioneer and leader in our marketplaces," Jensen said. "Now, we can focus on further developing existing markets and exploring new opportunities and business objectives on behalf of shareholders."

About NeoMedia Technologies
NeoMedia Technologies, Inc. (www.neom.com) develops technologies that link physical information and objects to the Internet, marketing services under the PaperClick™ trademark. In addition, NeoMedia's Systems Integration Group specializes in Open & Storage System solutions and automating print production operations.

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
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PaperClick is a trademark of NeoMedia Technologies, Inc.

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