SOURCE: NeoMedia Technologies

September 04, 2007 11:13 ET

NeoMedia Secures $1.7 Million in Financing and Launches Global Sales and Marketing Initiative

FT. MYERS, FL--(Marketwire - September 4, 2007) - NeoMedia Technologies (OTCBB: NEOM), the global leader in camera-initiated transactions for mobile devices, announced today that the company received financing from YA Global Investments, formally known as Cornell Capital Partners, LP. For details of the financing agreement please see the form 8K filed by NeoMedia Technologies on Aug. 30th. NeoMedia will retain the proceeds from the sale of its non-core assets of Triton Global Business Services and Micro Paint Repair.

This financing will allow NeoMedia to launch their aggressive new global sales and marketing initiative in response to the rapidly expanding global demand for camera-initiated transactions and active mobile codes.

A significant amount of funds will be deployed to build world class sales and marketing activities. Jay Bonk, EVP of Sales and Marketing, states, "We are building a professional sales team to develop a world class organization. This is an exciting time for the company. NeoMedia will take a 'fresh look' at strategic developments of the company to generate substantial revenue growth."

Jay continued to state, "We currently have a professional sales force, strategically placed around the globe. Now, we can complement them with seasoned application engineers to aggressively pursue the most attractive time to money opportunities. In addition to investment in sales and marketing, the company will also accelerate the expansion of its resolution, clearing, and switching infrastructure to support expanding adoption of mobile 2D technology, worldwide."

About NeoMedia Technologies, Inc.

NeoMedia® Technologies, Inc. (OTCBB: NEOM) (www.neom.com) is the global leader in camera-initiated transactions for mobile devices. From RFID and optically initiated wireless transactions to the digital processing of mobile financial transactions, NeoMedia provides reliable high-volume solutions for the processing of universal optical codes and related information for mobile devices. NeoMedia's international office is located in Aachen, Germany. This office, Gavitec, produces hardware devices for mobile coupon transactions. To learn more about NeoMedia Technologies, qode, or Gavitec visit www.neom.com, www.qode.com, and www.Gavitec.com

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.

qode is a registered trademark, and qode®reader, qode®window and One Click to Content are trademarks of NeoMedia Technologies, Inc. Other trademarks are properties of their respective owners.

Contact Information

  • Press Contacts:

    William Hoffman
    NeoMedia Technologies, Inc.
    +(239) 337-3434
    Email Contact

    Amanda George
    NeoMedia Technologies, Inc.
    +(239) 337-3434 X 151
    Email Contact