Save your seat for Streaming Media NYC this May. Register Now!

Globalmedia.Com Signs $10 Million Financing Deal

GlobalMedia.com (http://www.globalmedia.com) announced that it has sold, in a private placement, $5 million of itspreferred stock to a fund managed by Rose Glen Capital Management, L.P..

GlobalMedia.com received $5 million in an initial closing and an additional $5 million will be received in a second closing subject to the satisfaction of certain conditions to closing.

The preferred stock issued is convertible into GlobalMedia.com commonstock at a conversion price equal to $6.435, or if lower, the market price atthe time of conversion. The purchaser also received five-year warrants topurchase 388,500 shares of common stock at an exercise price of $7.0785 pershare.

GlobalMedia.com's President Jeff Mandlebaum commented, "We are pleasedthat an existing shareholder, one that has had a significant investment inGlobalMedia.com since May 1999, has provided this investment. This fundingwill allow us to meet certain obligations to RealNetworks, grow our businessinternally and possibly through acquisitions, and bulk up our sales team."

GlobalMedia.com's Chairman Michael Metcalfe said, "Over the past year, wehave demonstrated that we deliver results. Namely, we successfully developedand launched our media player, streaming and e-commerce solutions and mostrecently achieved a listing on the National Market tier of the Nasdaq StockMarket, the preeminent technology stock market. We look forward to deliveringon the growth opportunities this financing presents to us."

Streaming Covers
for qualified subscribers
Subscribe Now Current Issue Past Issues