Futuremedia plc (NASDAQ:FMDA) , a leading e-learning provider and design, exhibition and events agency, today announced that that it has received an accelerated funding payment from Yorkville Advisors in association with the $6 million funding agreement announced August 23, 2007. The funding payment of $1.4 million was accelerated as a result of Futuremedia exceeding certain financial milestones. The funding was originally set to be delivered to the Company in three monthly installments through January 15, 2008.
As per its agreement with Yorkville the four monthly funding tranches from October 15, 2007 through January 15, 2008 were tied to the Company achieving total revenue of $3 million for the fiscal first quarter of 2008 ended September 30, 2007. In the first quarter of 2008 Futuremedia generated revenue of $3.68 million or 22.6% above the target. Since entering the agreement in August, Futuremedia has received $5.1 million in funding from Yorkville.
Chief Executive Officer, George O'Leary, commented, "This advanced funding payment is a strong indication of the support and confidence Yorkville has for the Company. I am very proud that our new management team was given a specific financial target and stepped up to beat it by more than 20%. We continue to make progress on our strategic plan, specifically with regard to our goals of growing the company and becoming cash flow positive in our fiscal third quarter ended March 31, 2008."
The Company also announced in a 6-K filing on October 31, 2007 that it has named Deloitte & Touche LLP as its independent auditor replacing BDO Stoy Hayward LLP. Mr. O'Leary, commented, "We are pleased to have a company of Deloitte & Touche's stature perform our 2007 audit."
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 and listed on the NASDAQ in 1993, 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 plc. 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
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