IRVINE, Calif.--(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.