NeoMedia Restructures & Reduces Debt
Boulder, Co.—August 27, 2013
-- 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.
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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