LiveDeal Inc. Announces Increased Revenues in Q1 2014, Completes $10 Million Capital RaiseFebruary 18, 2014
-- Revenues increased year-over-year
-- Net loss decreased by 62 percent year-over-year
-- Company completed $10 Million Capital Raise
-- Management forecasts continued growth in revenues in future quarters
Las Vegas, NV, February 18, 2014, -- LiveDeal Inc. (NASDAQ: LIVE) ("LiveDeal" or the "Company"), a publicly traded company that operates www.livedeal.com, a geo-location based mobile marketing platform that enables restaurants to publish “real-time” and “instant offers” to nearby consumers, is pleased to provide the following update from the 1st Quarter, 2014.
LiveDeal’s revenues increased by 4 percent, year-over-year, in Q1 2014; meanwhile the company was able to decrease its net loss by 62 percent. The company’s CEO and President, Jon Isaac, anticipates that revenues will continue to increase as the company expands its various brands.
During January 2014, LiveDeal sold $10,000,000 in common stock in an at-the-market offering that was registered under the Company’s Form S-3, declared effective in May 2013. The Company raised approximately $9,700,000, in net proceeds from the sales.
2014 Update and Outlook - Highlights:
· $9.7 Million raised in net proceeds in an at-the-market equity financing
· Successfully launched LiveDeal San Francisco (Jan 9, 2014) and New York City (Feb 13, 2014)
· The Company announced a 153% growth in traffic to livedeal.com for January 2014 compared to December 2013
· Released DealCentral – an online deal portal, which allows restaurants to create and publish offers in seconds
· Effected a 3-for-1 forward stock split
· Continued expansion of livedeal.com into additional metropolitan areas
· Plans to release iOS and Android LiveDeal apps by March 31, 2014
What is livedeal.com?
livedeal.com is a unique, real-time "deal engine" connecting merchants with consumers. The Company believes that it has developed a first-of-its-kind web/mobile platform providing restaurants with full control and flexibility to instantly publish customized offers whenever they wish to attract customers. The website includes a number of user and restaurant-friendly features, including:
· an intuitive interface enabling restaurants to create limited-time offers and publish them immediately, or on a preset schedule that is fully customizable;
· state-of-the-art scheduling technology giving restaurants the freedom to choose the days, times and duration of the offers, enabling them to create offers that entice consumers to visit their establishment during their slower periods;
· advanced publishing options allowing restaurants to manage traffic by limiting the number of available vouchers to consumers;
· superior geo-location technology allowing multi-location restaurants to segment offers by location, attracting customers to slower locations while eliminating potential over-crowding at busier sites;
· innovative proprietary restaurant indexing methodology; and
· a user-friendly mobile and desktop web interface allowing consumers to easily browse, download, and instantly redeem "live" offers found on livedeal.com based on their location.
Restaurants can sign-up to use the LiveDeal platform at the Company's website (www.livedeal.com) or via the LiveDeal App, which is scheduled to be released in March, 2014.
About LiveDeal Inc.
LiveDeal Inc. provides marketing solutions that boost customer awareness and merchant visibility on the Internet. LiveDeal operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In November 2012, LiveDeal commenced the sale of marketing tools that help local businesses manage their online presence under the Company's Velocity Local™ brand. LiveDeal continues to actively develop, revise, and evaluate these products and services and its marketing strategies and procedures. For more information, visit www.livedeal.com.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking" statements that are based on present circumstances and on LiveDeal's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including any statements regarding the plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Forward-looking statements are made only as of the date of this release and LiveDeal does not undertake and specifically declines any obligation to update any forward-looking statements. Readers should not place undue reliance on these forward-looking statements.
Investor Relations Contact:
377 Oak Street
Garden City, NY 11530
310 497 8817 (Mobile)
516 222 2560 (Office)