Situation: eMedia Group Inc. entered into a Line of Credit Agreement with Mr. Lim Boh Leong and Ms. Tan Hooi Koon, each a resident of Malaysia, whereby Mr. Lim and Ms. Tan agreed to provide the company with a line of credit of up to USD 500,000.00. Mr. Lim and Ms. Tan are each shareholders of the company and agreed to provide a line of credit. The agreement provides that all funds provided by the line of credit shall accrue interest at the annual rate of 2% from the date of funding. The credit facility provided by the agreement will be available for no more than twelve months and all outstanding advances must be repaid by March 6, 2019. The company expects that the line of credit will allow it to expand its ongoing international online travel and hospitality web portals which provide users the ability to search for the most economical flights and hotels. The company expects that the line of credit will allow it to obtain additional skilled technology personnel to assist the modification and expansion of its travel websites.
The company announced that the elections of Mr. Lim Boh Leong and Ms. Tan Hooi Koon to Board. Therefore, on March 6, 2017, Mr. Lim and Ms. Tan were elected as members of the Board.