LAS VEGAS--(BUSINESS WIRE)--LiveDeal Inc. (NASDAQ: LIVE) ("LiveDeal" or the "Company"), a publicly traded company that operates www.livedeal.com, a geo-location based mobile marketing platform that enables restaurants to publish “real-time” and “instant offers” to nearby consumers, is pleased to provide this update to shareholders from President and CEO Jon Isaac.
We would like to take a moment to update you on our corporate highlights over the first six months of fiscal year 2014:
- Recently closed two acquisitions, which we believe will have a very significant and positive impact on our financials, both revenues and net income
- Completed ATM offering in the second quarter of 2014, which provided approximately $9,700,000.00 in net proceeds
- Secured a $5,000,000.00 line of credit available to use at our disposal for future acquisitions and general corporate purposes
- A Shelf Registration Statement was declared effective for the sale of up to $50,000,000.00 in securities. The registration statement allows the company to do an offering at such time that management and the board determine it's in the company's best interest
- Company is expected to release its form 10Q on or before May 20, 2014. Company expects growth in sales and a significant decrease in losses, year over year.
- Company is seeing significant increases in sales in this current quarter, and expects quarter ending June 30, 2014 to be one of its best in many years
- Expanded reach of www.livedeal.com to 35 major U.S. cities and continuing to see rapid growth due to increases in unique visitors, repeat visitors, and time on site
- Recent release of the Android and Apple iOS Apps have generated increased viewership by mobile users
We welcomed 2014 with a strategy to accomplish various goals, which we knew would take a great deal of work. I feel we’ve spent the first few months building a stronger company that now has the framework to position LiveDeal for a successful future in the online and mobile deals industry.
We have accomplished a number of goals over the past few weeks alone. We have acquired two companies that we believe will have a very positive impact on our financials. Both companies have excellent leadership in place and each complement our vision of making www.livedeal.com a nationally recognizable brand and destination for consumers to locate great deals online. We expect both companies will significantly boost our top line.
As a result of the At-the-Market offering completed in January, 2014, we raised approximately $ 9,700,000.00 in net proceeds. The funds will go a long way to help us in our acquisition strategy, which we believe will enable us to build the LiveDeal brand and increase viewership. We have also secured a $5,000,000.00 line of credit that is also available to us for future acquisitions and for general corporate purposes. We believe we have enough cash on hand to continue to support more strategic acquisitions that we expect will enhance shareholder value. In addition, a Shelf Registration Statement was declared effective for the sale of up to $50,000,000.00 in securities. The registration statement allows the company to do an offering at such time that management and the board determine it's in the company's best interest
Our www.livedeal.com platform is now available in over 35 major US cities and our plan remains to continue to expand nationwide. Our deal procurement team is doing a phenomenal job signing up restaurants all over the country. In our experience thus far, restaurants nationwide are welcoming LiveDeal into their cities with open arms. As a result of this expansion effort, we are seeing increased unique visitors in most cities, repeat visitors, and more time being spent on our site. Our recent releases of the Android and Apple iOS apps have resulted in more visitors to our platform primarily due to the ease of access from the most popular mobile devices.
We strongly believe that LiveDeal is in a better position today than it has been in many years.
We look forward to keeping you updated on our accomplishments. Thank you for your continued support as we continue to build upon our success in the year ahead.
Jon Isaac, President & CEO
What is livedeal.com?
livedeal.com is a unique, real-time "deal engine" that connects merchants with consumers. The Company believes that it has developed a first-of-its-kind web/mobile platform providing restaurants with full control and flexibility to instantly publish customized offers whenever they wish to attract customers. The website includes a number of user and restaurant-friendly features, including:
- an intuitive interface enabling restaurants to create limited-time offers and publish them immediately or on a preset schedule that is fully customizable;
- state-of-the-art scheduling technology giving restaurants the freedom to choose the days, times and duration of the offers, enabling them to create offers that entice consumers to visit their establishment during their slower periods;
- advanced publishing options allowing restaurants to manage traffic by limiting the number of available vouchers to consumers;
- superior geo-location technology allowing multi-location restaurants to segment offers by location, thereby attracting customers to slower locations while eliminating potential over-crowding at busier sites;
- innovative proprietary restaurant indexing methodology; and
- a user-friendly mobile and desktop web interface allowing consumers to easily browse, download and instantly redeem "live" offers found on livedeal.com based on their location.
Restaurants can sign up to use the LiveDeal platform at the Company's website (www.livedeal.com).
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 contains "forward-looking" statements that are based on present circumstances and on LiveDeal's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including any statements regarding the plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Forward-looking statements are made only as of the date of this release and LiveDeal does not undertake and specifically declines any obligation to update any forward-looking statements. Readers should not place undue reliance on these forward-looking statements.