Futuremedia Completes US$ 5 Million Regulation S Offering
- Further Investment by Existing Shareholders -
ARUNDEL, England, Feb. 24 /PRNewswire/ -- FUTUREMEDIA Plc (Nasdaq: FMDAY - news), a leading provider of net facilitated integrated learning solutions, today announced that it has completed a $5 million Regulation S offering of ordinary shares. The shares were placed with a Swiss-based institutional investor, an existing shareholder in Futuremedia. The offering was priced at $3 per share, which at the time of placement represented a premium over the Stock Market price of the shares.
The company plans to use the net proceeds of the offering for general corporate purposes as well as an aggressive marketing campaign to launch easycando.com(TM), the world's first intuitive Internet based knowledge and learning community hub, and Solstra(TM), the product jointly owned with British Telecom (NYSE: BTY - news). In addition, the Company expects that a proportion of the proceeds will be used to establish a US based office, a move, which the Company believes will enable it to better serve and strengthen its presence in the North American market.
``The interest in Futuremedia's proposition and offering continues to grow from both investors and customers alike. With the impending launch of easycando.com Futuremedia is well positioned to exploit the world-wide multi-million dollar on-line learning market. We believe that this investment greatly strengthens Futuremedia's position in the fast-growing Internet learning market. We are very pleased to have such a big vote of confidence from our shareholders,' said: Jeremy Gibbs, chairman of Futuremedia.
About Futuremedia
Futuremedia PLC provides Internet and intranet learning and communications solutions to businesses worldwide. Futuremedia iComms supplies marketing and communications solutions. Futuremedia iLearning is in the business of providing net facilitated integrated learning solutions to organisations.
easycando.com is a learning community hub providing individuals, learning providers and organisations with a compelling and easy way to gain and deliver learning via the Internet.
Both Futuremedia iLearning and easycando.com leverage existing knowledge and technology such as Solstra, the interactive learning platform jointly developed with British Telecommunications plc.
Futuremedia also produces high quality learning and communications materials on other media, such as CDROM. Within its industry, Futuremedia has completed some of the most successful and innovative learning and communications projects to date, for customers such as 3M, BT, Ericsson, Ford Motor Company, Hewlett Packard, Lever Brothers, Shell and Unilever.
This press release contains forward-looking information that involves risks and uncertainties, including statements about the company's plans, objectives, expectations and intentions. Such statements include, without limitation, discussions concerning the company's use of proceeds of the offering, the company's strategic direction and new product introductions and developments. Readers are cautioned that such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially than those set forth in the forward looking statements. The risks and uncertainties include, without limitation, the early stage of the Internet and intranet learning and communications market, the management of growth, the ability of the company to develop and successfully market new products, rapid technological change and competition. The forward-looking statements contained herein speak only as of the date of this press release. The company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the company's expectations or any change in events, conditions or circumstance on which any such statement is based.
All product names and trademarks mentioned herein are trademarks of Futuremedia or their respective owners.
Futuremedia can be found on the Web at www.futuremedia.co.uk .
A preview of easycando.com can be found at www.easycando.com .
SOURCE: FutureMedia Plc |
