LiveDeal Targets $60M in Revenue as First Acquisition Begins to Unfold
Jun 23, 2015, 08:30 ET
LAS VEGAS, June 23, 2015 /PRNewswire/ - LiveDeal Inc. (NASDAQ:LIVE) ("LiveDeal" or the "Company"), a NASDAQ-listed, publicly traded company that operates livedeal.com, a geo-location based mobile marketing platform for consumer products and "real-time" and "instant dining offers" to nearby consumers, today announces it has identified the first target of its recently announced acquisition strategy, which has reported $60M in revenue and $5M in [net] profit based on its 2014 [unaudited] financial statements.
LiveDeal intends to finance the potential acquisition using traditional debt financing, as the current debt market is favorable for such an acquisition, although the Company could close this potential transaction with cash on hand without incurring the debt.
"LiveDeal continues to be focused on increasing stockholder value, and believes that taking advantage of favorable terms in debt financing for an acquisition that meets our requirements of consistent revenue growth and profitability are a way of achieving it without creating additional dilution," said Jon Isaac, CEO of LiveDeal. "We look forward to completing this acquisition and signifying to our stockholders our continued dedication to demonstrating value enhancement and strategic insight. Although we are quickly making good progress with definitive acquisition and financing documents and we are highly confident that we will be able to announce a closing in the near term, we cannot guarantee the timing of that announcement or its actual occurrence."
About LiveDeal, Inc.
LiveDeal Inc. provides marketing solutions that boost customer awareness and merchant visibility on the Internet. LiveDeal operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In November 2012, LiveDeal commenced the sale of marketing tools that help local businesses manage their online presence under the Company's Velocity Local™ brand. LiveDeal continues to actively develop, revise, and evaluate these products and services and its marketing strategies and procedures. For more information, visit www.livedeal.com.
Forward-Looking and Cautionary Statements
This press release may contain "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company's actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2014, most recent Quarterly Report on Form 10-Q, and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
Tim Matula, investor relations
SOURCE LiveDeal Inc.
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