Well, if you read our post last month about NeoMedia, and the comments below it, you might have guessed this might happen: NeoMedia, the mobile marketing firm that has bought 5-6 startups in the space in the last year, has terminated its LOI buyout agreement with HipCricket, an Essex, Connecticut-based provider of mobile marketing solutions to broadcasters and brand marketers.
The company, always press release-happy, has issued another one saying as much: NeoMedia and HipCricket were at an impasse and unable to agree to the terms…the two loans by NeoMedia to HipCricket totaling $0.5 million and other interest will be (or at least has to be) returned to NeoMedia within 90 days.
Concurrently, the OTC-traded company also announced raising $5 million in financing through the sale of a secured convertible debenture to Cornell Capital Partners.