OMT Backers Defer Interest Payments - Radio World

OMT Backers Defer Interest Payments

In a statement, the backers said they are supportive of OMT and that their agreement will allow it to fund marketing, customer acquisition and product development.
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OMT has won agreement with several investors to allow it to defer interest payments on debt.

The Canadian company sells technology and content delivery services including iMediaTouch products.

Executive Chairman Bill Baines said the holders of $3 million in convertible debt offered to allow the company to defer interest payments. The companies are Ensis Growth Fund Inc., Ensis Investment Limited Partnership and Renaissance Capital Manitoba Ventures; they waived a requirement for OMT to make those monthly payments until certain conditions are met or until the debt matures near the end of 2008. Interest will continue to be paid monthly to public holders of $995,000 of OMT’s debt.

In a statement, the backers said they are supportive of OMT and that their agreement will allow it to fund marketing, customer acquisition and product development.

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