ARUNDEL, U.K., Jan. 28, 2003 (PRIMEZONE) -- E-Learning solutions provider Futuremedia Plc (Nasdaq:FMDAY) today confirmed the details of a $1.3 million private placement of ordinary shares completed during calendar 2002. The shares were placed with both existing and new shareholders.
The offering of 18,351,325 shares, which proceeded in various tranches between April 2002 and November 2002, was priced at a weighted average $0.07258 per share, and within a range between $0.065 and $0.085, which at the time of placement represented a premium over the then current market price of the shares.
Also during April 2002, an additional 905,046 shares were issued to certain employees of the Company in lieu of payments. The average issue price of these shares was $0.07114.
Mr. Jan Vandamme, Chairman of the Board, commented: "The Board believes that Futuremedia has a world-class product, which is confirmed by our clients. We have faith in the Company and its management, and in our investments. This is part of our ongoing efforts to improve our balance sheet. Additional financing will allow us to continue to work on increasing our sales and sales opportunities in order to achieve our profitability targets."
Details of these shares issuances were previously disclosed in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on November 15, 2002.
About Futuremedia
Futuremedia plc (est. 1983) is a Solutions Provider in the growing e-Learning market with 20 years experience in the interactive media field supplying products and services to industrial and commercial business sectors and government, mainly in the U.K. and Continental Europe.
The Company has a proven track record in providing knowledge and training via Solstra, its proprietary Learning Management System which in its largest application has a capacity for 240,000 users.
Incorporated within its principal operation headquartered in the U.K., Futuremedia's Professional Services team identify and specify client requirements and Futuremedia's Content Studio then design and develop custom content for clients' needs. The Futuremedia Library unit specifies and administers any content required from its comprehensive range of third party products. The Solstra Team deploy Futuremedia's own Learning Management System enabling training to be rapidly administered, delivered and progress tracked.
Futuremedia's customers include Consignia (The U.K.'s Royal Mail), Ford Motor Company and BT. Training content from partners SmartForce, Centra Software, SkillSoft and NETg is supplied and supported.
Futuremedia can be found on the Web at http://www.futuremedia.co.uk
"Safe Harbor" Statement
This press release contains forward-looking statements related to future results and speaks only of the Company's expectations as of the date hereof. Such statements include discussions concerning the Company's financial performance and the performance of its products. Such statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from expectations. The risks and uncertainties include the early stage of the e-Learning market, the management of growth, the ability of the Company to continue to attract new funds if and when needed, the ability of the Company to develop and successfully market new products, rapid technological change and competition, and other factors detailed in the Company's filings with the U.S. Securities and Exchange Commission. The Company expressly disclaims any obligation to release publicly any updates or revisions to any such statement to reflect any change in expectations or in information on which any such statement is based.
All product names and trademarks mentioned herein are trademarks of Futuremedia or their respective owners.