NEWS OUT:TheDirectory.com Closes Acquisition; Secures $5,000,000 Financing Facility
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Thedirectory.com, Inc. (PL) (USOTC:SEEK)
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Today : Wednesday 2 October 2013
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TheDirectory.com, Inc. (PINKSHEETS: SEEK), an emerging leader in the local search space, today announced that it has purchased the assets of one of the largest local city guide networks in the world from a privately held Company in a deal valued at $2.1 Million.
TheDirectory.com also announced today that it has secured a $5 Million credit facility from TCA Global Fund. The initial draw was $1.3 million in cash allowing TheDirectory.com to close its purchase.
The acquired assets boost 1580 locally targeted city guides that collectively generate over 5 million unique users per month. The acquired technology will be integrated into TheDirectory.com network. As part of the transaction TheDirectory.com also acquired the trademark to the term "Hyper Local."
TheDirectory.com founder and CEO Scott Gallagher stated, "I'm very pleased to announce today's news to our stockholders, we've added tremendous value to our Company. Both the acquisition and the financing agreements that closed yesterday are game changing events for us. The asset purchase places TheDirectory.com on track to generate full year revenues in the range of $4.5 to $6 Million for 2014 with net income in the range of $1.4 to $2 Million. Our network reach now extends beyond 5 million unique users per month in an array of verticals. The funding facility essentially provides us with the financial backing we've been lacking over the past few years in order to facilitate our build, buy or partner growth strategy." Gallagher continued, "We'll be hosting an investor conference call shortly to discuss today's events. We'll release the details for the call in the next week."
TheDirectory.com, Inc. is finishing its audited financials in order to complete the up-listing to SEC "Fully Reporting" status. With the funding and acquisition completed the Company expects the process to be finished shortly.
About TheDirectory.com, Inc.
TheDirectory.com is a diversified Local and Vertical Internet search company that owns and operates a network of locally-targeted, category-specific, search destinations anchored by its local business search engine www.TheDirectory.com. Other sites in the network include: www.PodiatristProfiles.com, www.Chiropractor.net, www.Therapists.net, www.DentistAppointments.com, www.Dietitians.net, and many others. For more information see the company's financial statements and related filings on www.OTCMarkets.com.
About TCA Global Fund
