NeoMedia Technologies, Inc (NEOM)

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NeoMedia plans to have new CEO in next 60 days
By news-press.com
Originally posted on May 15, 2007

NeoMedia Technologies Inc., expects to have a new chief executive officer in place in the next 60 days and plans to complete the sale of its automotive paint subsidiary at the same time, chairman Chas Fritz said today.

NeoMedia, based in Fort Myers, developed a software application, called qode, which is used on mobile phones to link the user with Internet content. For example, customers might enter a code from a movie poster and be linked to a site where they can buy tickets to see the movie in a theater.

Former president and CEO Charles T. Jensen resigned from the company in December. The company has hired a search firm and is now interviewing replacements, said Fritz, who has been serving as acting CEO.

In recent months, the company has been rapidly selling off companies since late last year amid a cash crunch.

It’s Micro Paint Repair division, originally acquired to provide cash flow to the core business, will be sold by the end of July, Fritz said.

In the three months ended March 31, the company reported a net loss of $11.9 million, or about 2 cents per share. In the same period a year ago, the company lost about $1.5 million, or less than 1 cent per share.

Nearly half of the loss was due to non-cash accounting adjustments for warrants and stock-based compensation.

http://www.news-press.com/apps/pbcs.dll/article?AID=/20070515/BUSINESS/305150033/1075