Limelight Media cancels $12 million equity line from Cornell

By Sheri Kasprzak

Atlanta, Jan. 7 - Limelight Media Group Inc. said it has backed out of a $12 million standby equity distribution agreement with Cornell Capital Partners LP.

The company had received the $12 million equity line and the debenture agreement in February 2004.

According to a statement from the company, Limelight is in talks with other financing sources and no longer needs the agreement. The company's management, according to the statement, feels it can obtain "more favorable finance arrangements."

The 9,342,778 escrowed shares held by Cornell for the equity line will now be returned to Limelight.

Based in Memphis, Limelight produces digital and promotional media, specifically providing digital signage.

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