Attached files
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8-K - FORM 8-K - LOCAL Corp | a58383e8vk.htm |
EX-5.1 - EX-5.1 - LOCAL Corp | a58383exv5w1.htm |
EX-1.1 - EX-1.1 - LOCAL Corp | a58383exv1w1.htm |
EX-99.1 - EX-99.1 - LOCAL Corp | a58383exv99w1.htm |
Exhibit 99.2
For Immediate Release
Local.com® Prices Public Offering of Common Stock
IRVINE, Calif., Jan. 14, 2011 Local.com Corporation (NASDAQ: LOCM), today announced that it
has priced an underwritten public offering of 4,000,000 shares of its common stock at a price to the public
of $4.25 per share. Net proceeds, after estimated underwriting discounts and commissions and
estimated expenses, will be approximately $15.5 million. Local.com has granted the underwriter a
30-day option to purchase up to an additional 600,000 shares of common stock to cover overallotments, if
any. If exercised, the overallotment will result in net proceeds to the company, after estimated
underwriting discounts and commissions and estimated expenses, of approximately $2.3 million. The
offering is expected to close on or about January 20, 2011, subject to satisfaction of customary closing
conditions. Canaccord Genuity acted as sole book-running manager for the offering.
The securities described above are being offered by Local.com pursuant to a registration statement
previously filed and declared effective by the Securities and Exchange Commission. A prospectus
supplement relating to the offering will be filed with the Securities and Exchange Commission. This
press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification under the securities laws of
any such jurisdiction. The offering may be made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained, when available, by sending a request to
the offices of Canaccord Genuity, Attn: Syndicate Department, 99 High Street, 12th Floor, Boston,
MA 02110, Phone: (800) 225-6201. Alternatively, you may get these documents for free by visiting
EDGAR on the SEC website at www.sec.gov.
About Local.com®
Local.com Corporation (NASDAQ: LOCM) owns and operates a leading local search site and network
in the United States. The company uses patented and proprietary technologies to provide over 20
million consumers each month with relevant search results for local businesses, products and
services on Local.com and over 1,000 partner sites. Local.com powers over 100,000 local websites,
and tens of thousands of small business customers use Local.com products and services to reach
consumers using a variety of subscription, performance and display advertising and website
products. To advertise, or for more information visit: www.local.com.
Forward Looking Statements
All statements other than statements of historical fact included in this document regarding our
anticipated financial position, business strategy and plans and objectives of our management for
future operations, are forward-looking statements. When used in this press release, words such as
anticipate, believe, estimate, plans, expect, intend, projects, feel and similar
expressions and phrases, as they relate to Local.com or our management, identify forward-looking
statements. Any forward-looking statements are based on the beliefs of our management as well as
assumptions made by and information currently available to our management. Actual results could
differ materially from those contemplated by the forward-looking statements as a result of certain
factors, including, but not limited to, Yahoo!-Bing paying less revenue per click (RPC) and
revenues to us for our search results, our ability to adapt our business
following the Yahoo!-Bing
integration or to improve our RPCs and revenues following that integration, our ability to monetize
the Local.com domain, including at a profit, our ability to retain a monetization partner for the
Local.com domain and other web properties under our management that allows us to operate
profitably, our ability to incorporate our local-search technologies, our ability to market the
Local.com domain as a destination for consumers seeking local-search results, our ability to grow
our business by enhancing our local-search services, including through businesses we acquire, the
future performance of
our OCTANE360 business, the integration and future performance of the iTwango business, the
possibility that the information and estimates used to predict anticipated revenues and expenses
associated with the businesses we acquire are not accurate, difficulties executing integration
strategies or achieving planned synergies, the possibility that integration costs and go-forward
costs associated with the businesses we acquire will be higher than anticipated, our ability to
successfully expand our sales channels for new and existing products and services, our ability to
increase the number of businesses that purchase our subscription advertising and other business
products, our ability to expand our advertiser and distribution networks, our ability to integrate
and effectively utilize our acquisitions technologies, our ability to develop our products and
sales, marketing, finance and administrative functions and successfully integrate our expanded
infrastructure, as well as our dependence on major advertisers, competitive factors and pricing
pressures, changes in legal and regulatory requirements, and general economic conditions. Any
forward-looking statements reflect our current views with respect to future events and are subject
to these and other risks, uncertainties and assumptions relating to our operations, results of
operations, growth strategy and liquidity. All subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf are expressly qualified in their
entirety by this paragraph. Unless otherwise stated, all site traffic and usage statistics are from
third-party service providers engaged by the company.
Our Annual Report on Form 10-K/A, subsequent Quarterly Reports on Form 10-Q and Form 10-Q/A, recent
Current Reports on Form 8-K and Form 8-K/A, and other Securities and Exchange Commission filings
discuss the foregoing risks as well as other important risk factors that could contribute to such
differences or otherwise affect our business, results of operations and financial condition. 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.
# # #
Investor Relations Contact:
Brinlea C. Johnson
The Blueshirt Group
212-551-1453
brinlea@blueshirtgroup.com
Brinlea C. Johnson
The Blueshirt Group
212-551-1453
brinlea@blueshirtgroup.com
Media Relations Contact:
Cameron Triebwasser
Local.com
949-789-5223
ctriebwasser@local.com
Cameron Triebwasser
Local.com
949-789-5223
ctriebwasser@local.com