OMT Wins Round of Investment Money

OMT Wins Round of Investment Money
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OMT, which makes iMediaTouch products among other offerings, plans to launch "aggressive marketing and sales programs" in coming months with the help of new investment money.
The company said it has raised $1.4 million through a private placement offering and a financial restructuring. Its stock trades on the Canadian TSX Venture Exchange, which still must approve the deal.
The supplier recently posted a net loss of $284,000 for the third quarter and said this was a significant improvement from a loss of $711,000 a year earlier. The company also narrowed its losses year-to-date, from $751,000 in the first nine months of 2003, to $560,000 this year.
OMT has said in recent weeks that its management is pleased with the improvement in its performance and is "strongly focused on closing the balance of the gap to profitability by increasing sales, with a particular emphasis on emerging opportunities for the Entertain Media division."
President/CEO Scott Farr put out a statement about the new investment: "We are pleased with the level of financing that was raised within just five weeks of issuing this offering, especially during the holiday season. We believe this clearly indicates that the market sees the same sizeable opportunity that we do in the entertainment broadcast industry."
Farr said one of its strategic investors, ENSIS, also has expanded its investment. And he said the new investment means the company "will also have sufficient time to discuss further investment from strategic accredited private investors and companies in the USA and Canada."
The company also has completed the redemption of all of its preferred shares.

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