BRIGHTON, England, July 3, 2008 (PRIME NEWSWIRE) -- Futuremedia plc (OTCBB:FMDAY), a leading e-learning provider and design, exhibition and events agency, provided the following update from George O'Leary, CEO of Futuremedia:
"Futuremedia can announce today that the Securities Purchase Agreement of August 20, 2007 with YA Global Investments, L.P. has been amended to include an additional debenture in the amount of $516,110. We will use the additional funds for working capital during the upcoming slowest period of the year and are pleased that YA Global continues to show confidence in the company and our management team.
"Secondly, the shareholders voted to approve the proposed resolution at the general shareholders meeting held on July 2, 2008. The resolution to sub-divide each existing ordinary share of 0.010 pence into one new ordinary share of 0.00001 pence and one B deferred share of 0.00999 pence passed by an overwhelming majority (85%) of shareholder votes cast.
"And finally, our fiscal year ended on June 30th. Although we will not officially close the books on fiscal '08 for another 30 days, we do expect to realize substantial improvement in our operating performance compared to last year. In fact, we expect that our Button Group division will essentially break-even as compared to a loss of over GBP 1.4 million last year. Company-wide, we expect to see an operating loss of no greater than GPB 2.0 million for the year ending June 30, 2008, a reduction in cost of GBP 3 million as compared to the prior year. We'll provide more details during our quarterly shareholder call that will be scheduled for mid August, once the year-end figures are finalized. Futuremedia will continue to find ways to reduce costs and maximize revenues by executing on its strategic plan. Our job is by no means finished. However, in the past 12 months, we have managed to put the company back on track and are building a solid foundation for profitable growth in the future."
Investors are invited to visit the Futuremedia IR Hub at http://www.agoracom.com/IR/Futuremedia where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to FMDAY@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
About Futuremedia
Futuremedia plc is a global media company providing online learning, design, exhibition and event services to public and private sector organizations. Established in 1982, Futuremedia helps its clients to communicate their values, product and brand information to employees, customers and industry, and believes that learning is a key component in the communication mix. Futuremedia divisions are Futuremedia Learning and Button Group. The Button Group has been providing design, exhibition and event services in Cannes, France and elsewhere around the world for more than 30 years. For more information, visit www.futuremedia.co.uk.