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Cloud Call Center Community Featured Article

TMCNet: Rim Semiconductor Cuts Debt

[July 24, 2008]

Rim Semiconductor Cuts Debt

(Wireless News Via Acquire Media NewsEdge)
Rim Semiconductor, a company that develops technology for
telecommunications service providers, announced that it has reduced its
indebtedness to its convertible note holders by 34 percent to
$2,759,000, versus $4,182,000, as reported in its most recent 10QSB.

The reduction was effected when holders of its two-year 7 percent
Senior Secured Convertible Debentures and its two-year 10 percent
Secured Convertible Notes converted some of their principal and
interest into shares of Rim Semi's Common Stock. The company has 4
billion shares of common stock authorized for issuance. As of July 11,
following the issuance of the shares, the company has issued all of its
authorized common stock. Since July 11th, the closing price of RSMI has
risen 100 percent from $0.0005 to $0.001 per share.

"I am very pleased that our convertible debt has reduced by 34
percent," said Brad Ketch, the company's president and chief executive
officer. "We issued these shares to investors who have invested in us
before, and who continue to show support for our long-term growth."


In addition to the debt reduction, the company projects that the value
of the derivative liability on its balance sheet will also
proportionately decline when the derivative liability calculations are
made at the end of the quarter, and based upon the closing price of
RSMI on July 31.

((Comments on this story may be sent to newsdesk@closeupmedia.com))

((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))

Copyright ? 2008 Wireless News

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