LiveDeal Inc. (NASDAQ:LIVE) ("LiveDeal" or the "Company"), a publicly traded company that operates livedeal.com, a geo-location based mobile mark
May 22, 2014LAS VEGAS, May 22, 2014 -- LiveDeal Inc. (NASDAQ:LIVE) ("LiveDeal" or the "Company"), a publicly traded company that operates livedeal.com, a geo-location based mobile marketing platform that enables restaurants to publish “real-time” and “instant offers” to nearby consumers, today provides clarification of its recent filing in connection with an at-the-market offering of its common stock.
As previously disclosed, the Company filed a “shelf” Registration Statement on Form S-3 with the SEC, which was declared effective on April 11, 2014. Under that shelf registration, the Company may, from time to time, sell up to $50,000,000 in securities. On May 20, 2014, the company filed a prospectus supplement, which disclosed that the company engaged Chardan Capital Markets LLC to act as agent in an at-the-market offering of up to 10,000,000 shares of common stock. This enables the company to sell, at such times as it deems appropriate, shares of common stock in the open market through Chardan acting as agent. As disclosed in the Company’s Quarterly Report on Form 10-Q filed on May 20, 2014, to date, the Company has sold 1,000 shares under the prospectus supplement.
“It is important that we clarify to our investors that the filing of the prospectus supplement and engaging Chardan to act as agent in an at-the-market offering was designed to give us the flexibility to raise additional capital from time to time. Aside from the 1,000 shares of common stock that was sold, no other shares have been sold under the prospectus supplement at this time,” said Jon Isaac, CEO of LiveDeal, Inc. “At such time in the future that we determine it is prudent to raise additional capital, we will be able to do so quickly.”
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.
Contact:
LiveDeal, Inc.
Press relations:
Terry Johnston, 855-531-4715
Source: LiveDeal Inc.