June 24, 2003, Welland, ON. – Andromeda Media Capital Corporation announced today that it has closed its current private placement offering at total subscription proceeds of approximately $920,500 representing 920,500 Units sold (each Unit equaling one common share and half share purchase warrant).
“While we are pleased with the interest generated in our offer, the offering was not as successful as we would’ve liked and capital market conditions are not favourable to our continuing with this offering on its terms. Our board is currently reviewing our financial needs, in conjunction with the business plans for ecommatrix.comâ inc. This includes a review of actions necessary, or appropriate, and the costs thereof to seek quotation of our common shares on a recognized quotation medium or stock exchange, after which, we anticipate launching a new offering based on our current position and market conditions at that time,” said Albert Iannantuono, President, Andromeda Media Capital Corporation.
As previously disclosed, Andromeda’s year-end and first quarter sales and earnings have fallen significantly short of expectations, despite its subsidiary ecommatrix.comâ inc. achieving channel partner adoption.
“Sales from channel partners have been slower than expected. Over the coming months we will be focused on supporting our channel partners sales efforts as they bring on stream sales and sales opportunities for our eBusiness and eCommerce solutions in an effort to drive sales revenue” said Iannantuono. Complete annual and quarterly financial reports are available at www.sedar.com.
Andromeda, through its wholly owned subsidiary, e-commatrix.comâ 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 April 25, 2003 – 29,681,000 common shares.
No stock exchange has reviewed or accepted responsibility for the adequacy or accuracy of the content of this press release. |