(NASDAQ: 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.
About Local Corporation
Local Corporation (NASDAQ: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:
Forward Looking Statements
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