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24/7 Real Media cashes in, eliminates debt

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Sep 30, 2003

The company, which provides technology as well as services, already raised $3.8m and $3.4m in equity capital on two separate occasions earlier this year.

The company's chairman said in June that this financing helped 24/7 Real Media to eliminate all long-term debt from its balance sheet, putting it in a stronger financial position than it has been "in many years".

The company also announced strong second quarter results, narrowing its EBITDA loss to $174,000, which it said is the closest it has ever come to break-even, on revenue up 15% to $12.2m. It expects to achieve positive EBITDA for the first time in the fourth quarter this year.

The $15m will help further strengthen the company's financial position. It entered the third quarter with $9.1 million of cash in hand.

24/7 Real Media said in an SEC filing that it intends to use the proceeds of the offering for general corporate purposes, which may include acquisitions.



"www.247realmedia.com ":http://www.247realmedia.com

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