Neo Media Group SA has committed a further £20,000 to ASG through subscription for further Convertible Loan Notes which, when converted at the 1p per share conversion price, will require the issue of a further 2.0 million new ordinary shares.

Following the Neo Media Subscription, Neo Media will hold 47,636,363 ordinary shares, representing 29.4 per cent of the issued share capital, and convertible loans which upon full conversion will require the issue of a further 143,500,000 new ordinary shares.

Upon full conversion of their convertible loan notes Neo Media will own up to a maximum of 62.6 per cent of the Company’s enlarged issued share capital.

On June 4th ASG announced that it was undertaking a further fundraising of approximately £2.5m. While discussions continue with a number of potential investors to secure the funding required to meet the Company’s long term cashflow commitments, the company also continues to seek urgent further short term funding for its immediate working capital requirements and to support recent new contract wins.