Magic Lantern Group Receives $1.2 Million USD in Net Proceeds from the Issuance of Equity and Debt Instruments.NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- A Portion of the Proceeds to Be Used to Reduce the Company's Note Payable to Laurus Funds, Ltd.
Magic Lantern Group, Inc. (AMEX AMEX
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GML Generalized Markup Language ), a pioneer in Video Digital Asset Management ("VDAM") and a leader in the international distribution of educational digital content and e-learning solutions, announced today that the Company has received net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $1.2 million USD USD
In currencies, this is the abbreviation for the U.S. Dollar.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. from two new investors to strengthen its balance sheet and restructure certain debt obligations. The Company also announced the voluntary conversion of $250,000 USD of existing debt into equity.
The Company will use the proceeds to prepay and restructure a significant portion of its current convertible debt and for working capital needs. The Company and Laurus Master Funds, Ltd. have reached an agreement whereby the Company will use a portion of the net proceeds from the new investors to pay approximately $800,000 of existing debt, accrued interest Accrued Interest
The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date.
There are two methods for calculating accrued interest:
1) 360-day year method, used for corporate and municipal bonds. and prepayment premium in exchange for the removal of certain required approvals and offering restrictions in their entirety from the terms of their original financing agreement dated April 28, 2004. Details of the aforementioned transactions can be found in the Company's SEC 8-K filing that will be available at http://www.sec.gov/edgar/.
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MLG Marine Logistics Group (US Marine Corps) Bob Goddard stated, "We are pleased that Laurus Master Funds, Ltd. continues to support our Company. We welcome our new North American North American
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About Magic Lantern Group, Inc.
Magic Lantern Group, Inc., operates several, new strategic subsidiaries and divisions, including its core business for nearly 30 years of being a global distributor of videos and DVD's from more than 300 world-renowned producers. Recently launched vertical subsidiaries and divisions are: Magic Vision Digital Media, Inc., a provider of digital on-demand/on-line desktop delivery for sports entertainment, health care, human resource, and corporate governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and compliance industries; Sonoptic Technologies, a pioneer in Video Digital Asset Management ("VDAM") and leading provider of third-generation digital technology solutions; its newest division, Parasol Video, an online digital video library enterprise for worldwide educational markets; and the recent launch of DigiTron, Ltd, an in-house producer of original TV broadcast programming. For more information, visit: http://www.magiclanterngroup.com.
Contact Information: For Investor Relations, contact Gary Geraci, National Financial Network, 781-444-6100 ext. 629, email: email@example.com and visit: http://www.nfnonline.com/gml/. At the Company, contact Lorraine Villa, Executive Assistant to the CEO, firstname.lastname@example.org, 1-800-263-1717 ext.2450.
This Press Release contains certain 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. Such forward-looking statements refer to future events of future financial performance. The company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "could," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the company's current beliefs and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors, including those risks identified in our Annual Report on Form 10-K, which could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Revenue projections contained in this release are subject to the successful execution of e-commerce websites. The company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements.