Oxford Media gets extension on $1.67 million in notes, lowers conversion price on convertible preferreds

By Sheri Kasprzak

New York, July 5 - Oxford Media, Inc. said it has received an extension on principal payments due on $1,666,667 in promissory notes held by Palisades Master Fund LP, and connected to the extension, agreed to reduce the conversion price on the company's series A convertible preferreds.

The conversion price of the preferreds held by Palisades was dropped to $1.00 from $1.50.

The company will be required to pay principal and interest totaling $666,667 on July 20, pushed back from June 20.

Also, the company agreed to exchange the original note for $1,003,836 in principal of promissory notes. The notes bear interest at 11% annually.

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

The stock fell 5 cents to close at $1.02 (OTCBB: OXMI).

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