PHRM.L Regulatory News (PHRM)

27 Feb 2007 07:04

121Media Inc27 February 2007 27 February 2007 121Media, Inc. ("121Media" or the "Company") Investment by Morgan Stanley Principal Investments 121Media, Inc. (AIM: OTO and OTOM), a market leader in the field of contextualonline advertising, is pleased to announce that Morgan Stanley PrincipalInvestments has agreed to make an investment in the Company (the "Placing"),which will strengthen the Company's capital structure. 121Media has conditionally placed 169,808 new common shares of $0.001 ("CommonShares") at £15.00 per share to raise $5 million (approximately £2.56 million)before expenses. These new shares will be held by Morgan Stanley PrincipalInvestments. The Placing is conditional, inter alia, upon admission of theCommon Shares to trading on AIM. Application will be made for the Common Shares to be admitted to trading on AIMand admission to trading in these shares is expected to commence on 2 March2007.The Common Shares will represent, after the closing of the Placing,approximately 1.5 percent of the outstanding common share capital of theCompany. 121Media intends to use the proceeds from the Placing to continue thedevelopment and implementation of its technology with Internet Service Providers(ISPs) and for general working capital. As previously announced, the Company'sdiscussions with global ISPs continue to progress well and the Company expectssignificant developments in the near future, including the addition of new Boardmembers. Commenting on the investment, Kent Ertugrul, 121Media founder and CEO said, "Weare delighted that Morgan Stanley, one of the world's leading financial servicesinstitutions, has decided to invest in 121Media. This is an endorsement of ourstrategy and will underpin the development of our business worldwide." For Enquiries 121 Media, Inc. Kent Ertugrul (Chief Executive) +44 7788 718770Edelman Financial PR +44 20 7344 1325Paul Lockstone +44 7876 685200Sorrel Beynon +44 20 7344 1253 +44 7980 687 255Canaccord Adams Limited +44 20 7050 6500Nominated Adviser Mark Williams +44 20 7050 6758 This information is provided by RNS The company news service from the London Stock Exchange