SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 15(d) of the Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported): March 8, 1999.
NEW FRONTIER MEDIA, INC.
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(Exact name of registrant as specified in its charter)
Colorado 333-59289 84-1084061
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(State of (Commission File (IRS Employer I.D.
Incorporation) Number) Number)
5435 Airport Blvd., Suite 100
Boulder, Colorado 80301
(303) 444-0632
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(Address and telephone number of
principal executive offices)
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Item 5. Other Events.
On March 8, 1999, New Frontier Media, Inc. (the "Company") announced that
it has received approximately $5.0 million in new equity financing through the
private sale of its common stock to various institutional and accredited
investors.
Item 8. Exhibits.
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99 Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
NEW FRONTIER MEDIA, INC.
(Registrant)
March 8, 1999 By: /S/ MARK H. KRELOFF
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Mark H. Kreloff, Chief Executive
Officer
March 8, 1999 By: /S/ MICHAEL WEINER
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Michael Weiner, Executive Vice
President
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EXHIBIT INDEX
Exhibit No. Exhibit Page
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99 Press Release 5
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FOR IMMEDIATE RELEASE
New Frontier Media, Inc. Announces New Equity Financing
BOULDER, Colo.--(BUSINESS WIRE)--March 8, 1999--New Frontier Media, Inc.
(NASDAQ:NOOF) announced that it has secured approximately $5.0 million in new
equity financing through the private sale of its common stock to various
institutional and accredited investors.
Mark Kreloff, Chairman and Chief Executive Officer of New Frontier Media said,
"We announced in January, 1999 that we were confident that our efforts to
satisfy Nasdaq's net tangible assets listing requirements would be successful.
We are extremely pleased that not only have we made good on that promise, but
that according to our calculations, after giving effect to this financing, we
exceed Nasdaq's requirements by over 200%. In addition, we are truly humbled by
the caliber of investors who have chosen to participate in this private
financing, at least one or two of whom are household names. These investors,
together with the 175% gain in our stock price since our January press release,
we believe is a tremendous vote of confidence by the broader investment
community in our company and our future opportunities for growth. We view our
decision to launch a cable/DBS satellite network effort, and the success we
have had in rolling out this service, as a critical element in this success
story.
"We intend to apply the funds raised through this offering to pay down
approximately $1.5 million in outstanding short-term indebtedness and to apply
the rest to working capital purposes. With the expenses for the launch of TeN
behind us and our recent revenues leading us to project that our operating
losses will soon be a thing of the past, we fully expect that these funds will
be sufficient to fund our present operations for the next 12 months and
beyond," said Kreloff.
The statements contained in this release which are not historical facts are
forward-looking statements that are subject to risks and uncertainties,
including those risks detailed in the Company's Securities and Exchange
Commission filings that could cause actual results to differ materially from
those set forth in or implied by forward-looking statements.
CONTACT: New Frontier Media, Inc., Boulder
Mark Kreloff, Chairman & CEO, 303/444-0900
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