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SpiralFrog raises $2 million

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spiralfrog.pngSpiralFrog, the free ad-supported web-based music service, has raised an additional two million dollars through the private placement of Senior Secured Exchangeable Notes.

The Notes bear interest at 12 percent per annum, with interest payable quarterly, commencing January 1, 2008. The entire principal amount is due on April 19, 2008. The Notes are exchangeable into 2,325,582 common shares at the Exchange Price of $0.86, subject to certain adjustments.

SpiralFrog intends to use the net proceeds from the offering to fund the growth of the company, including for the acquisition of additional content for the site.

Originally posted on December 28, 2007 @ 6:31 am

No Internet access to sex offenders in New Jersey

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New Jersey, through Acting Gov. Richard J. Codey, signed into law a bill forbidding Internet access to sex offenders who used the medium in committing crime.

Convicted sex offenders will have to submit to periodic, unannounced examinations of their computer equipment and install equipment on their computers so their use can be monitored. Sex offenders caught using the Internet would face 18 months in jail and a $10,000 fine. New Jersey is now the third state, after Florida and Nevada, to restrict sex offenders’ access to the Internet.

“No matter how much you trust your kids, no matter how much you think you know what they’re doing, there are some sick people out there that will stop at nothing to prey on them,” Governor Codey said. “This legislation will give us some of the toughest tools in the nation to crack down on the growing threat of Internet predators. Hopefully this law will help a lot of parents sleep easier at night.”

Originally posted on December 28, 2007 @ 6:19 am

Happy Holidays!

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Posting may be light from hereon. It’s the time of year when we look back, relax, and enjoy each other’s company. Happy Holidays everyone!

Originally posted on December 23, 2007 @ 9:52 pm

Think Secret settles lawsuit with Apple by shutting down

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thinksecret.pngApple and Think Secret have settled their lawsuit, reaching an agreement that results in a positive solution for both sides. As part of the confidential settlement, no sources were revealed and Think Secret will no longer be published.

“I’m pleased to have reached this amicable settlement, and will now be able to move forward with my college studies and broader journalistic pursuits,” Nick Ciarelli, Think Secret’s publisher, said.

Originally posted on December 20, 2007 @ 10:27 am