Mountain View : AdEx Media, Inc. , a leading performance-driven, online marketing and distribution company, today announced that in connection with current industry-wide pressures by the Credit Card Associations, all of its merchant processing agreements have been terminated rendering the Company temporarily unable to ship or bill consumers for its internal offers.
Many of the Company’s third party advertisers are experiencing similar merchant processing problems although the Company will continue to market and promote available third party offers for its advertisers. The Company is currently attempting to secure new merchant processing relationships, including offshore and international processing.
In the interim, the Company is executing a cost-cutting restructuring of operations which will include some permanent and temporary reduction in personnel and changes in compensation and modifications to certain non-executive and executive compensation arrangements.