Total Multimedia and the Preferred Lending Group Reach an Agreement
October 30, 1997
CAMARILLO, Calif., Oct. 30 /PRNewswire/ -- Total Multimedia, Inc. (Nasdaq:TMMI - news) and the Preferred Lender Group of New York City have reached an agreement regarding the restructuring of the preferred debt. Under the agreement, TMM will proceed to recover on certain claims in excess of 5 million dollars, the proceeds of which will be used to pay down the preferred lenders debt as well as fund TMM projects. As part of the agreement, the preferred lenders have agreed to fund TMM projects, including the marketing and distribution of the highly regarded TRUDEF line of compression. Lorne Mattner, Vice President of Business Development said, ``The timing could not be better. The initial orders for TMM's Christmas releases have far exceeded initial projections. With the support of the Preferred Lending Group, we can now aggressively market and distribute TMM products worldwide. This commitment from the lenders will give us the flexibility to carry on with some of the exciting plans being put together by the TMM Production Group.''
TMM is a multimedia company dedicated to bringing high quality video to multimedia presentations.
950 Flynn Rd
Camarillo, CA 93012
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