Oxford Media agreement to sell $7.8 million in notes with stock canceled by JMB

By Sheri Kasprzak

New York, Aug. 17 - Oxford Media, Inc. announced the termination of its agreement for $7.8 million in notes it had intended to sell to JMB Capital Partners, LP.

The agreement was terminated by JMB.

"We believe that we have not incurred any penalties or other liabilities to JMB as a result of JMB's termination of the commitment letter," said a form 8-K the company filed with the Securities and Exchange Commission Thursday.

The company had planned to sell 10% notes due Jan. 15, 2007 with shares for up to 1,164,181 shares and warrants for 2,910,453 shares.

The deal priced June 20.

Based in Irvine, Calif., Oxford Media markets proprietary video-on-demand and pay-per-view entertainment systems for the hotel industry.

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