eMedia Group Inc. (OTCMKTS:EMMD) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 6, 2017, eMedia Group Inc., a Nevada corporation (the
Company or EMMD), entered into a Line of Credit Agreement (the
Agreement) with Mr. Lim Boh Leong and Ms. Tan Hooi Koon, each a
resident of Malaysia, whereby Mr. Lim and Ms. Tan agreed to
provide the Company with a line of credit of up to USD
$500,000.00. Mr. Lim and Ms. Tan are each shareholders of the
Company and agreed to provide a line of credit after being
approached by the Companys Chief Executive Officer, Mr. Kok Wong
Liew.
The Agreement provides that all funds provided by the line of
credit shall accrue interest at the annual rate of two percent
(2%) from the date of funding. The credit facility provided by
the Agreement will be available for no more than twelve (12)
months and all outstanding advances must be repaid by March 6,
2019.
The Company expects that the line of credit will allow it to
expand its ongoing international online travel and hospitality
web portals which provide users the ability to search for the
most economical flights and hotels. The Company expects that the
line of credit will allow it to obtain additional skilled
technology personnel to assist the modification and expansion of
its travel websites.
ITEM 5.02 ELECTION OF DIRECTORS
As a result of the resignations of Mr. Henrik Jorgensen and Mr.
Christian Pedersen as members of the Board, there have been two
(2) vacancies on the Board. Moreover, the Agreement for the line
of credit described above was contingent upon the elections of
Mr. Lim and Ms. Tan to Board. Therefore, on March 6, 2017, Mr.
Lim and Ms. Tan were elected as members of the Board.
About eMedia Group Inc. (OTCMKTS:EMMD)
eMedia Group, Inc. is engaged in the business of selling its customers subscriptions for its software suite, AccuRanker, which allows customers to track their search engine rankings. The Company’s AccuRanker service covers a range of activities, including performing search engine optimization, managing paid listings at the search engines, submitting sites to directories, and developing online marketing strategies for businesses, organizations and individuals. AccuRanker’s target market is search engine optimization and marketing professionals and companies with a specific budget for Internet marketing. The Company’s customers include companies with an internal marketing department, as well as companies that are search engine optimization and/or marketing agencies. The Company’s subsidiary is eTarg Media Aps (eTarg). eMedia Group Inc. (OTCMKTS:EMMD) Recent Trading Information
eMedia Group Inc. (OTCMKTS:EMMD) closed its last trading session down -1.840 at 0.760 with shares trading hands.
