LONDON, Feb. 20, 2009 (GLOBE NEWSWIRE) -- Futuremedia plc (Pink Sheets:FMDAY) today announced that the Company's stock will now trade exclusively on the Pink Sheets under the symbol FMDAY.PK.
As mentioned in its January 20th Year in Review, the company has taken this step as a cost cutting measure. The Company's common stock will continue to be eligible for public trading on the Pink Sheets (www.pinksheets.com) quotations system instead of the OTC Bulletin Board.
"The auditing and legal expenses associated with our annual 20F filing amount to over $500k, and since most of the trading of our stock occurs on the Pink Sheets anyway, we decided that the OTC Bulletin Board listing was cost prohibitive," stated George O'Leary, CEO of Futuremedia. "Going forward, we believe that using our resources to complete the turnaround process and grow our business better serves the interests of our shareholders."
Futuremedia will suspend all periodic report filing with the SEC, effective immediately. However, the Company intends to provide annual reports pertaining to its financial performance and other announcements on its IR firm's website (http://www.agoracom.com/IR/Futuremedia) and the Pink Sheets Disclosure and News Service. Under UK law, the company is required to file annual audited financial statements with the UK authorities. These will be accessible at www.companieshouse.gov.uk when filed. It expects to file and post fiscal year 2008 audited financial statements by the end of March.
Investors are invited to visit the Futuremedia IR Hub at http://www.agoracom.com/IR/Futuremedia where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to FMDAY@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
About Spice
Spice is a leading design, exhibition and events agency. With offices in London, Cannes, Los Angeles and Dubai, it has worldwide experience creating and delivering projects across a range of industries including IT & Telecommunications, Finance & Banking, Property, Television & Entertainment, Travel & Tourism, Food & Drink, Media & Publishing and Fashion & Beauty. With a proven track record spanning over three decades, Spice offers three-dimensional designs to provide creative solutions in the production and management of branded environments and content. Clients include CBS Paramount, Convergys, Estee Lauder, Microsoft Advertising, NBC Universal, Qatari Diar, Sony Ericsson and Union Properties. "SPICE" encompasses Strength, Passion, Innovation, Creativity and Excellence. For more information, visit www.spicebrand.com or contact Georgina Holmes at gholmes@spicebrand.com.
Futuremedia plc (Pink Sheets:FMDAY) is a global media holding company providing design, exhibition and event services to public and private sector organisations. Established in 1982, Futuremedia helps its clients to communicate their values, product and brand information to employees, customers and industry. For more information, visit www.futuremedia.co.uk.
The Futuremedia logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5388