Local Corporation to Explore Strategic Alternatives; Engages Siemer & Associates as Financial Advisor
30 April 2015 - 9:05PM
Business Wire
Local Corporation (NASDAQ:LOCM), a leading local search and
advertising technology company, today announced it has initiated an
external process to explore strategic alternatives to enhance
shareholder value and has engaged Siemer & Associates as its
financial advisor.
“While we continue to focus on increasing operating efficiency,
reducing costs and driving profitable growth throughout the
organization, in light of recent indications of interest, we
believe now is the right time to explore strategic alternatives
that have the potential to generate increased value for our
shareholders,” said Fred Thiel, Local Corporation chairman and CEO.
“We look forward to working with Siemer & Associates to help us
evaluate the best strategic avenues to maximize the value of our
business and support the continued growth and well-being of our
rapidly expanding global mobile search footprint and proprietary
global mobile ad network.”
Local does not have a defined timeline for the strategic review
process and is not confirming that the review will result in any
specific action or transaction.
About Siemer & Associates LLC
Siemer & Associates LLC is a boutique merchant bank that
serves digital media, software and Internet companies throughout
their business life cycles. The investment banking team has
successfully completed more than 70 transactions that aggregate
over $3 billion in sell-side mandates and $1.5 billion in equity
capital. S&A is committed to offering honest advice and
guidance based on relevant experience, deep domain knowledge and an
understanding of the market. S&A provides clients with the
insight and perspective necessary to make informed decisions.
Siemer & Associates is headquartered in Los Angeles, CA with
offices in London and Singapore. www.siemer.com
About Local Corporation
Local Corporation (NASDAQ:LOCM) is a leading local search
and advertising technology company that aggregates and curates the
most relevant and rich personalized content and presents it to
millions of consumers wherever and however they search for
information, while providing significant reach and value to the
company’s advertisers and partners. For more information,
visit: http://www.localcorporation.com or visit the company’s
flagship site: http://www.local.com.
Forward Looking Statements
This press release contains certain forward-looking statements
that are based upon current expectations and involve certain risks
and uncertainties within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Words or expressions such as
"anticipate," "plan," "will," "intend," "believe" or "expect'" or
variations of such words and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and other factors, some of which are
beyond our control and difficult to predict and could cause actual
results to differ materially from those expressed or forecasted in
the forward-looking statements. Key risks are described in the
filings we make with the U.S. Securities and Exchange Commission.
The forward-looking statements in this release speak only as of the
date they are made. We undertake no obligation to revise or update
publicly any forward-looking statement for any reason. Unless
otherwise stated, all site traffic and usage statistics are from
third-party service providers engaged by the company. Traffic and
our monetization of that traffic combine to determine our revenues
for any given period. Our traffic volume alone for a period should
not be viewed as demonstrative of our financial results for such
period.
Investor Relations Contact:LHAKirsten Chapman,
415-433-3777local@lhai.comorMedia Relations Contact:Local
CorporationCameron Triebwasser,
949-789-5223ctriebwasser@local.com
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