Welland, ON., December 29, 2003 – e-commatrix.com® inc., a wholly-owned subsidiary of Andromeda Media Capital Corporation, has entered into agreement with its agency of record, Tri-Media Marketing & Publicity Inc., to restructure its outstanding debts with Tri-Media. Tri-Media has acted as e-commatrix.com’s agency of record since e-commatrix.com’s acquisition by Andromeda Media Capital Corporation in 2002.
Tri-Media has agreed to provide new credit, in the maximum amount of $500,000, to continue to provide marketing and management services to e-commatrix.com® inc., and to forebear from collection efforts to recoup $367,869 of debt owed to it from e-commatrix.com® inc. accrued since its acquisition by Andromeda Media Capital Corporation. In return, e-commatrix.com® inc. has granted Tri-Media general security over e-commatrix.com's assets, subordinate to existing facilities.
This grant of security was approved by the Board of Andromeda, with Albert Iannantuono, President of Andromeda, and the controlling shareholder of Tri-Media declaring his conflict of interest and abstaining from the approval process.
Albert Iannantuono said, “By restructuring e-commatrix.com’s debt to Tri-Media, e-commatrix has been able to continue utilizing the services of Tri-Media which play an integral part in the day-to-day operations of the company.”
Andromeda, through its wholly owned subsidiary, e-commatrix.com® inc., is focused on providing breakthrough eBusiness and eCommerce proprietary products and services. These products are introduced to market through an international network of licensed partners as complimentary product lines to their existing solutions, and under a progressive revenue-sharing model. e-commatrix.com® inc. aggressively sources new partners worldwide.
Issued and outstanding capitalization as at September 30, 2003 – 30,577,750 common shares.
No stock exchanges have reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release.
Certain statements contained herein constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and 21E of the Exchange Act of 1934. Such statements include, without limitation, statements regarding business and financing, business trends, and future operating revenues and expenses. Statements regarding the aforementioned are based on several assumptions and are not to be considered fact. Although Andromeda Media Capital Corporation and e-commatrix.com® inc. believe that the statements are reasonable, it can give no assurances that such expectation will prove to be correct. Investors are cautioned that any forward-looking statements made by Andromeda Media Capital Corporation or e-commatrix.com® inc. contain no guarantee of future performance and that actual results may differ materially from those set forth in the forwardlooking statements. For additional information see the reports filed by the company in its securities filings with applicable securities regulators (currently available at www.sedar.com). Unless otherwise required by applicable securities laws, Andromeda disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.