NEWPORT BEACH, Calif., Aug. 22, 2012 /PRNewswire/ -- SearchCore, Inc. (OTCQX: SRER), a technology-based Internet marketing services company that connects consumers with brands, products and services, today announced that it has repurchased a total of 45.7 million shares of common stock in August through four separate transactions.
On August 9, 2012, the Company entered into and closed a Global Securities Purchase Agreement and Secured Promissory Note with Keith Hoerling, Chief Technology Officer of SearchCore, through which SearchCore acquired 11.2 million shares of common stock. On August 16, 2012, SearchCore entered into a Stock Purchase Agreement with Revyv, LLC to acquire 500,000 shares of common stock. Previously, on August 1, 2012, approximately 40 million shares were repurchased simultaneous with the executive resignations of Messrs. Francis and Hartfield. In all cases, the shares are being held in escrow and distributed pending payment of the full purchase price over periods ranging up to 36 months. The acquisitions include 6 million shares that were scheduled to be issued to Messrs. Hoerling and Hartfield.
The shares of common stock acquired through these repurchases reduce the Company's total shares outstanding by 55% from 83.3 to 37.6 million shares.
"These actions reflect our confidence in our corporate expansion, and our continued commitment to enhance shareholder value in the long term," said Jim Pakulis, Chief Executive Officer of SearchCore. "The combination of the repurchased shares, our strong EBITDA and our expansion into new verticals serves as a solid foundation for continued growth."
About SearchCore, Inc.
SearchCore, Inc. is a technology-based Internet marketing services company that offers customers an integrated suite of services including media, technology, marketing and information. Founded in 2010, SearchCore is headquartered in Newport Beach, California. The Company's common stock trades on the OTC Market's highest tier, OTCQX, under the ticker symbol "SRER." www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.