Local Corporation Announces Spreebird Sale
Transaction expected to immediately improve earnings and cash flow
Press Release: Local Corporation – 1 hour 24 minutes agoEmail0Share0PrintRelated ContentRELATED QUOTESSymbol Price Change
LOCM 1.72
IRVINE, Calif.--(BUSINESS WIRE)--
Local Corporation (LOCM), a leading online local media company, today announced the sale of its Spreebird deals business to nCrowd, Inc.
Under the terms of the definitive agreement, nCrowd, Inc. acquired the Spreebird business and all related assets. The transaction is connected to Local Corporation’s exit from the direct SMB sales market earlier this year.
The transaction is expected to improve Local Corp.’s bottom line and cash flow, while allowing the company to further streamline its business strategy and focus on the core areas of its business. The transaction is expected to result in an annualized improvement in earnings and cash flow for the company of approximately $600,000. The improvements to earnings and cash flow for the second half of the year were taken into account as part of the company’s annual guidance.
Transaction expected to immediately improve earnings and cash flow
Press Release: Local Corporation – 1 hour 24 minutes agoEmail0Share0PrintRelated ContentRELATED QUOTESSymbol Price Change
LOCM 1.72
IRVINE, Calif.--(BUSINESS WIRE)--
Local Corporation (LOCM), a leading online local media company, today announced the sale of its Spreebird deals business to nCrowd, Inc.
Under the terms of the definitive agreement, nCrowd, Inc. acquired the Spreebird business and all related assets. The transaction is connected to Local Corporation’s exit from the direct SMB sales market earlier this year.
The transaction is expected to improve Local Corp.’s bottom line and cash flow, while allowing the company to further streamline its business strategy and focus on the core areas of its business. The transaction is expected to result in an annualized improvement in earnings and cash flow for the company of approximately $600,000. The improvements to earnings and cash flow for the second half of the year were taken into account as part of the company’s annual guidance.