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Local Corporation To Raise $5 Million

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By Business Wirevia The Motley Fool

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Local Corporation To Raise $5 Million

IRVINE, Calif.–(BUSINESS WIRE)– Local Corporation (NAS: LOCM) , a leading online local media company, today announced that it has entered into a definitive agreement with The Tail Wind Fund Ltd., as lead investor, to sell $5 million in convertible subordinated notes and warrants to purchase common stock. The proceeds are to be used for general working capital.

The convertible subordinated notes bear interest at 7 percent per year and are convertible into shares of Local Corporation‘s common stock at $2.01 per share, representing a 14.2 percent premium to the company’s closing price on April 9, 2013. In connection with the sale of the convertible notes, the company also issued to the investors warrants to purchase 746,268 shares of common stock at an exercise price of $2.01 per share. The convertible notes mature on April 11, 2015. The warrants are exercisable through April 11, 2018.

“This investment represents a welcome endorsement of our long-term strategy, which is dedicated to sustaining strong revenue and earnings growth through building competitive advantages in the markets we serve,” said Heath Clarke, Local Corporation chairman and CEO. “It allows us to improve our liquidity and fund our key growth initiatives.”

“We believe that Local Corporation is well-positioned to capitalize on the growing revenue opportunities within the local online advertising market,” said Daniel Nye, Portfolio Manager for CIM Investment Management Ltd., the fund manager of The Tail Wind Fund Ltd. “We are looking forward to the company’s future growth opportunities and continued success.”

Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX:MERR) acted as lead Placement Agent and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS) assisted on the transaction.

About Local Corporation

Local Corporation (NAS: LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://localcorporation.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of

From: http://www.dailyfinance.com/2013/04/11/local-corporation-to-raise-5-million/

Business, Finance, Occupation & Industry

Local Corporation Reaches Record Mobile, Organic and Total Search Traffic

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By Business Wirevia The Motley Fool

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Local Corporation Reaches Record Mobile, Organic and Total Search Traffic

IRVINE, Calif.–(BUSINESS WIRE)– Local Corporation (NAS: LOCM) , a leading online local media company, today announced record mobile, organic and total search traffic for the first quarter 2013.

The company reached mobile traffic of 32 million monthly unique visitors (MUVs) during the first quarter 2013, up 167 percent from 12 million MUVs during the year ago period.

Organic traffic also continued to grow, representing 49 million MUVs during the first quarter, up 40 percent from 35 million MUVs during the year ago period.

The company reached 106 million total MUVs during the first quarter, up 13 percent from 94 million MUVs during the year ago period.

“Traffic volumes remain a key performance indicator for our business. We exceeded our first quarter expectations in each area, which provides us with a strong foundation for performance for the year,” said Heath Clarke, Local Corporation chairman and CEO.

All site traffic and usage statistics are from third-party service providers engaged by the company. Quarterly MUV traffic is equal to the aggregate of each month’s MUV traffic numbers in that quarter. Traffic and the company’s monetization of that traffic combine to determine its revenues for any given period. The company’s traffic volume alone for a period should not be viewed as demonstrative of its financial results for such period.

About Local Corporation

Local Corporation (NAS: LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://localcorporation.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words or expressions such as ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘plans,’ ‘expect,’ ‘intend,’ ‘project,’ ‘forecast,’ ‘potential,’ ‘feel’ and similar expressions and phrases are intended to identify such 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 …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Local Corporation Reports Preliminary First Quarter 2013 Results

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By Business Wirevia The Motley Fool

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Local Corporation Reports Preliminary First Quarter 2013 Results

Company reports positive cash flow from operations one quarter earlier than forecasted

IRVINE, Calif.–(BUSINESS WIRE)– Local Corporation (NAS: LOCM) , a leading online local media company, today reported preliminary first quarter 2013 financial results.

Based on preliminary results, the company reports first quarter revenue of approximately $21.7 million, up 4 percent from the prior quarter. In addition, the company reports positive cash provided by operating activities for the first quarter 2013, one quarter earlier than forecasted.

“We have had a strong start to the year and our initiatives on expanding margins in Owned & Operated, and on accelerating growth in our Network business have been successful to date,” said Heath Clarke, Local Corporation chairman and CEO. “We are pleased to announce that we are meeting performance milestones related to achieving our full year strategic objectives, and we exceeded our first quarter expectations.”

In accordance with normal procedures, these preliminary revenue and cash flow results are subject to further review by the company and its auditors, which include the finalization of potentially significant items that could affect these results. The company will provide full first quarter 2013 results and announce its upcoming earnings call in due course.

About Local Corporation

Local Corporation (NAS: LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://localcorporation.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words or expressions such as ‘anticipate,’ ‘believe,’ ‘estimate,’ ‘plans,’ ‘expect,’ ‘intend,’ ‘project,’ ‘forecast,’ ‘potential,’ ‘feel’ and similar expressions and phrases are intended to identify such 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, …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Local Corporation Granted U.S. Mobile Pay-Per-Call Patent

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By Business Wirevia The Motley Fool

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Local Corporation Granted U.S. Mobile Pay-Per-Call Patent

Third Enhanced Directory Assistance Patent Focuses on Mobile Implementations

IRVINE, Calif.–(BUSINESS WIRE)– Local Corporation (NAS: LOCM) , a leading online local media company, today announced that the U.S. Patent and Trademark Office has granted the company patent number 8,359,049, which covers a mobile, pay-per-call Enhanced Directory Assistance method and/or system. This is the company’s third issued Enhanced Directory Assistance (EDA)-related patent that expands its reach into this high-growth area.

Issued on Jan. 22, 2013, the patent describes an Enhanced Directory Assistance method and/or system that uses wireless messaging protocols to receive keyword search data associated with a directory service request and matches it with a relevant advertiser associated with the keyword search. As part of the method, the requester is sent the directory listing for the advertiser and a callback number. Based on the second call to the callback number, it is determined that the directory listing was selected by the requester. This patent extends the company’s family of Enhanced Directory Assistance patents into wireless messaging systems, with potential uses extended to a host of potential mobile applications, such as the company’s Local.com mobile app, which was recently named as a finalist for the 2013 Appy Awards in the Search Tools category.

“We are pleased to add to our portfolio of intellectual property with this important mobile-focused enhanced directory assistance patent,” said Heath Clarke, Local Corporation chairman and chief executive officer. “With the mobile ad industry continuing to show strong growth, we believe this latest patent positions us well for leadership in this sector as we continue to build out and expand our mobile products. We look forward to leveraging this patent to monetize the mobile advertising market going forward.”

EDA pay-per-call ad revenue is intended to provide additional revenue for carriers. The patent is a continuation of two patents previously issued to the company. The company believes that the patent may cover numerous pay-per-call EDA inquiry methods, such as text and the latest voice command search integrations offered on many of today’s smartphones, as well as traditional voice-based EDA inquiries. According to BIA/Kelsey, the U.S. mobile advertising market continues to grow and is expected to reach $4.2 billion this year.

About Local Corporation

Local Corporation …read more
Source: FULL ARTICLE at DailyFinance