soUno Directional Media Solutions, LLC and Local.com Terminate Acquisition Letter of Intent
soUno Directional Media Solutions, LLC and Local.com terminate Acquisition Letter of Intent
Tulsa, OK (PRWEB) March 9, 2007 -- soUno Directional Media Solutions, LLC and Local.com Corporation have agreed upon termination of the Letter of Intent dated January 22, 2007 for Local.com to acquire soUno. soUno announced today that after mutual due diligence it was decided that the timing was not right for the merger. The Letter of Intent was not binding and any potential acquisition was subject to the completion of due diligence, negotiation and execution of a definitive agreement, approval by both companies' shareholders, as well as customary closing conditions. Both companies will continue to expand their partner relationship independent of the proposed acquisition. Local.com stated "We intend to work with soUno in order to capitalize on areas of mutual benefit."
soUno recently announced its purchase of the domain name www.internetyellowpages.com and launched the site on March 1, 2007. soUno is expanding its product offerings and outside marketing efforts to increase local advertisers' sales. Currently soUno reports 18,000+ internet yellow pages advertisers and approximately 1,000 online business profile customers.
Local.com will focus resources and capital in the near-term to develop the company's organic growth capabilities, as well as develop partnership and business relationships with other leading media companies.
"Based on Local.com's most recent financial results and guidance, we feel their decision to concentrate on their organic growth capabilities and advertiser acquisition makes a lot of sense in the near term and leaves us in control to expand our current initiatives until such time that Local.com may be in a stronger cash position to complete a merger or acquisition," stated Lynn Mitchell, CEO of soUno.
About soUno Directional Media Solutions, LLC
Founded in 2001, soUno.com is a leading provider of local Internet-based yellow pages interconnecting consumers, merchants and national advertisers. soUno helps consumers quickly and easily find and compare local businesses offering specific products and services, while creating revenue opportunities for merchants. soUno is committed to delivering highly qualified, web generated leads to businesses of any size and providing services and technologies that utilize the Internet to facilitate commerce for those businesses. For more information go to www.soUno.com.
Contact:
Tom Staab
soUno Directional Media Solutions, LLC
www.souno.com
8282 South Memorial Drive #300
Tulsa, OK 74133
Phone (888)768-6627
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