News Brief

24/7 Real Media Out of Debt

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.
Recommend (4) Print RSS
All content published by MediaPost is determined by our editors 100% in the interest of our readers ... independent of advertising, sponsorships or other considerations.