Futuremedia reduces strike price on warrants issued in July 2005 PIPE

By Sheri Kasprzak

New York, Sept. 19 - Futuremedia plc has dropped the exercise price on warrants issued in a July 2005 private placement.

The warrants, for 6,175,104 shares issued to MAG Capital, LLC in the placement, will be exercisable at $0.11 each, down from $0.61 each. The warrants still expire July 21, 2010.

Assuming all the warrants are exercised, the company will receive proceeds of $679,261.

In the placement, the company issued $4 million in convertible notes.

Brighton, England-based Futuremedia provides e-learning content and services to the public sector.

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