SANTA MONICA, Calif., May 11, 2004 (PRIMEZONE) -- iMedia International, Inc. (the "Company") (Pink Sheets:IMNL), pioneers in the interactive digital multimedia publishing industry, announces the successful completion of US$250,000.00 in funding with Augustine Fund, LP.
"The Augustine Fund is the first institution to take a position in our Company. The significance of this investment is huge as it opens the door to new capital from a variety of other institutions," says David MacEachern, the Company's chairman and CEO.
The terms of the deal were not made public, however the Company stated that they would be disclosed in their 1st quarter Form 10-QSB filings and financial statements to be released later this week.
About Augustine Fund, LP
Augustine Fund, LP is a Chicago-based private equity investment fund managed by Mr. John Porter and Mr. Tom Duzynsky. Augustine Fund focuses specifically in investments and value opportunities in small and micro-cap growth companies.
About iMedia International Inc.
iMedia International, Inc. (IMNL) is a publicly held digital media solutions company producing DVD's, and CD-ROM's for digital multimedia marketing and promotional campaigns. iMedia publishes proprietary and custom digital iMagazines and offers expert digital media solutions services including; strategic planning, content aggregation and production, disc audio/video design, authoring, editing and compression, disc packaging manufacturing and distribution. A key feature of iMedia's technology is its iReporting(TM) real-time, online tracking system which provides quantitative data on disc viewer usage patterns and effectiveness of iMedia marketing and promotional campaigns.
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected herein. Readers are cautioned not to place undue reliance on those forward-looking statements, which reflect management's analysis only as of the date made. The Company undertakes no obligation to publicly revise those forward-looking statements to reflect events and circumstances that arise after the date thereof. Readers should carefully review risks described in the documents the Company files from time to time with the Securities and Exchange Commission.