Welland, ON., November 26, 2003 – Andromeda Media Capital Corporation officially announced its new private placement to accredited investors in Ontario, Alberta and British Columbia yesterday during a “Business Enterprise Information” session held at the Four Points Sheraton Suites in Thorold, Ontario. The company hopes to raise $6,000,000 to fund the development of the company’s sales strategy and revised business model.
Andromeda also announced a re-pricing of its previous offering to facilitate the raising of additional capital. The previous offering (closed June 6, 2003) will be re-priced to $0.333 per share. Each shareholder who invested in the company during that offering will receive notification of the re-pricing and will be issued two additional shares for each share purchased. No insiders of Andromeda were part of that offering and as such, no insiders of Andromeda will see their shareholdings increased by our decision.
During the session, Andromeda President, Albert Iannantuono, discussed the company’s new growth strategy and explained how Andromeda will expand its Integrated Marketing Communications Division by seeking acquisition candidates. As agreements are signed, announcements will be made. Also discussed were the opportunities finally being brought forth by the licensed partner network. The company is starting to see the partner synergies that it had hoped for and licensed partners are beginning to bring forth potentially exciting leads that the Company hopes will turn into significant contracts that can be announced shortly.
“The plan has been in development for a quite a long time and it is exciting to finally see it come to fruition,” said Iannantuono. “We strongly believe that our revised business model will position us for rapid growth in the future and help us build a solid enterprise that will make our partners, our investors and our staff proud to be part of.”
In addition, Andromeda plans to call an annual meeting early in the New Year to seek shareholder approval for some of its new business plans.
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 November 24, 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 forward-looking 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.