Perth-based signage company Lumacom has completed a $1.1 million share placement and announced a new media agency agreement for its LumaPanel sign currently being erected in Times Square in New York.
These announcements break a run of poor news for Lumacom, which encountered a series of operational setbacks last year on the way to reporting a $3 million net loss.
Its total revenue last year was just $399,358, down from the 2003 level.
As a result of a strategic review, the company said it is seeking to establish a small number of high-profile sites to promote its large, high-tech signs.
It prefers to have pre-commitments from advertisers before erecting signs but has decided to drop this pre-condition.
Lumacom has also narrowed its product range and reduced the number of countries targeted for installations.