Pink Sheets Penny Stock News
Jul 28, 2008 7:00:00 AM
FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--
247MGI, Inc. (OTC:TOFS:PK) ("247MGI") has singed an agreement with a third party to do Audio and Video presentations worth $120,000. The revenue was generated by 247MGI's Online Radio show Smallcap Rapp(TM) which began airing three times a week in the month of June.
247MGI is optimistic revenues will increase as Smallcap Rapp(TM) continues its new weekly Broadcasts schedule. Revenue for 24MGI will be assisted in the fourth quarter with the release of the Hybrid Player Application and LIVE Video Broadcasts.
247MGI has amended the terms of its funding commitment for $100,000 which can be raised to $200,000 based on performance by the Company to a straight loan versus a Convertible Debenture. The Company had agreed to a 15% discount to market for the entire Debenture on the date of initial funding, but after the recent drop in the price of the Company's Common stock it would be to costly to continue this type of financing.