Irvington, NY-based SWMX, which operates an interactive advertising exchange that allows advertisers to buy radio slots on 2,000 radio stations nationwide, has rolled out SWMX Radio 2.0. The company competes with Google’s small radio-placement business, which it acquired last year.
Unfortunately, any SWMX announcement, including this one, is overshadowed by the fact that the company is in default on its debt and has five days to raise $10 million in equity capital before the lender forecloses. SWMX is public–SWMX.OB–and has a $31 million market cap. Its stock dropped a penny on the news. To 15 cents.