NeoMedia secures $1.7m funding from YA Global Investments
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.
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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."