24/7 Real Media Out of Debt
May 28, 2003, 12:00 AM
24/7 Real Media, Inc. on Wednesday announced that it had completed a transaction to cancel the $7.5 million principal of the company's debt and accrued interest, held by Publigroupe USA Holdings, in exchange for $1.5 million in cash and 4.8 million shares of common stock. As a result of this transaction, the company expects to record a one-time gain of approximately $4.6 million in the second quarter. Additionally, the company announced that it has secured an investment of $3.4 million in Series C-1 Nonvoting Convertible Preferred Stock from several investment funds and individual accredited investors, including CEO David J. Moore and other company executives.