MIAMI, FL and LOS ANGELES, CA --(Marketwired - April 04, 2014) -
DEVELOPMENT CAPITAL GROUP, INC.
("the Company") is pleased to announce that the acquisition of Clearance.co has been finalized as reported in the 8K filing of April 3, 2014. Clearance.co, one of the fastest growing start-up ecommerce websites in the world, was acquired by DLPM for approximately USD 40 million in an all-stock transaction which are subject to certain restrictions of resale. The completion of the transaction establishes significant revenue for Development Capital Group while enabling increased funding for marketing initiatives for the Clearance.co brand.
Newly appointed DEVELOPMENT CAPITAL GROUP CEO Shahbod Rastegar stated, "Moving Clearance.co under the Development Capital Group umbrella enables us to grow the brand while keeping true to our business. Clearance.co is not currently optimized for mobile and we look forward to our President Joseph Ricard developing the mobile application in-house. We are also excited with new financing opportunities that were not available to us before."
DEVELOPMENT CAPITAL GROUP President Joseph Ricard said of the acquisition, "The Clearance.co revenue is so compelling at such an early stage of their development we knew we wanted to be a part of that." Mr. Ricard went onto say, "Clearance is making huge strides as a new ecommerce company, and is setting high records with their current technology. Additional growth will be apparent when we incorporate mobile platforms and integrate the advertising technology such as retargeting. You are seeing a huge shift from retail to ecommerce, and they are doing some pretty innovative things in this space already."
Launched only in April 2013, Clearance.co was able to achieve over $150,000.00 in one day on Cyber Monday just six months later. Cyber Monday is known for being one of the biggest online retail days of the year.
About DEVELOPMENT CAPITAL GROUP, INC.
DEVELOPMENT CAPITAL GROUP, INC. (OTCQB: DLPM) develops businesses and technologies with significant potential for growth and customer acquisition. The Company analyzes market trends and seeks opportunities to develop innovative technologies that capitalize on antiquated or under-serviced sectors. Our first internal application RealtyValuator.com is currently in private beta analyzing real-estate auction data for the State of Florida.
For more information on DEVELOPMENT CAPITAL visit http://www.DevelopmentCapital.com
Clearance.co is revolutionizing the shopping experience by bringing customers the finest quality, the best selection, the best service, and the lowest priced merchandise. Working directly with Manufacturers and Distributors, Clearance.co is the premiere online destination for close-out and clearance products and genuinely helpful customer service. Clearance.co is headquartered in Los Angeles, California.
To read this original press release, please visit: http://developmentcapital.com/press-release/3-press/
Safe Harbor Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategies. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, and fraud. More information about factors that potentially could affect the Company's financial results are included in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-Q or 10-K and subsequent filings.