redCity Search Company Inc.
TSX VENTURE : RDC

redCity Search Company Inc.

November 02, 2006 08:30 ET

redCity Announces Appointments of Directors and Officers and Date of Upcoming Meeting of Shareholders

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE DISTRIBUTION SERVICES

redCity Search Company Inc. ("redCity or the "Company")(TSX VENTURE:RDC), a local internet search engine company, is pleased to announce that John Albright has been appointed Chairman of the board of directors.

Following completion of a series of transactions, including the recent private placement of $9,200,000 of common shares and the acquisition of Zip411 Enterprises Inc., redCity is pleased to announce the reconstitution of its board of directors as of August 18, 2006, as follows:

John Albright, Chairman of the Board

Mr. Albright has been Managing Partner of J.L. Albright Venture Partners Inc. since 1996. Prior to founding J.L. Albright Venture Partners in 1996, Mr. Albright held senior positions with Jefferson Partners, First City Capital Markets and Central Capital Corporation. During his tenure in the venture capital and merchant banking business, Mr. Albright gained extensive experience assisting entrepreneurs and managers to shape their vision and capital plans into successful long term growth programs which typically involve an aggressive acquisition and financing strategy. Mr. Albright has a history of assisting entrepreneurial companies through significant growth and eventually to the public markets. His ability to work with and advise senior management of investee companies as well as his skills in filling supporting roles where existing management lack the experience or skill set, has been vital to the success of past investments. Mr. Albright holds the Chartered Financial Analyst designation and received his Bachelor of Business Administration degree from the Schulich School of Business at York University. John Albright is presently a director of Fun Technologies Inc., Q9 Networks Inc., and Nuvo Network Management.

Elaine Kunda, Director, President and Chief Executive Officer

Elaine Kunda is an experienced entrepreneur and leader who has had great success at transitioning growth companies from concept to profitability. She has multifaceted experience within both the on-line and off-line media sectors. Ms. Kunda was formerly Managing Director at Toronto.com and Business Development Manager at Grey Interactive Inc. Ms. Kunda was recently appointed President and Chief Executive Officer of the Company.

Perry N. Dellelce, Director

Perry Dellelce is a founder and partner at Wildeboer Dellelce LLP, a boutique business law firm whose practice is focused on securities, corporate finance and tax law matters. Mr. Dellelce has a B.A. from the University of Western Ontario (1985), an M.B.A. from the University of Notre Dame (1987) and an LL.B. from the University of Ottawa (1990). Mr. Dellelce has been a director of the Company since its founding in February 2003. Mr. Dellelce also currently serves on the boards of directors of Claymore Capital Management Inc., a private equity fund focused on work-out or turn-around situations; and Bradmer Pharmaceuticals Inc., a publicly traded company that develops drugs for cancer therapy. Mr. Dellelce's community involvement includes: President's Council of the University of Western Ontario; Board of Directors of the Alumni Association of the University of Western Ontario; Business Advisory Council of the Mendoza College of Business at the University of Notre Dame; Executive Education Advisory Council of the Mendoza College of Business at the University of Notre Dame; Campaign Cabinet of the University of Ottawa Faculty of Law; Entrepreneurship Advisory Board of the Rotman School of Management of the University of Toronto; Development Steering Committee of the Board of Trustees of the Art Gallery of Ontario; and board of directors of The Power Plant Contemporary Art Gallery, Toronto, Ontario.

Jonathan Ehrlich, Director

Mr. Ehrlich is the Executive Vice President, Online at Indigo Books & Music, Canada's largest book retailer. Prior to Indigo, Jonathan founded Utah Street Partners ("Utah Street") in April 2003. Utah Street sourced, investigated and funded companies in partnership with venture and private equity firms. Prior to founding Utah Street, from October 1998 to January 2002, Mr. Ehrlich conceptualized, co-founded and launched MobShop, the world's first and leading company providing demand aggregation technology and services. As Vice-President of Marketing, Mr. Ehrlich was a member of the executive team that raised over US$49M in venture-backed financing from technology investors. Mr. Ehrlich has acted as a guest lecturer/featured presenter at Harvard Business School, Haas School of Business and the University of Michigan Business School. Prior to co-founding MobShop, Mr. Ehrlich was the Director of Business Development for Cyberplex, an Internet professional services firm, from July 1996 to October 1998. As a member of the strategic consulting team, Mr. Ehrlich played a significant role in growing the company (from 11 employees to over 160) as well as assisting in the creation and seed financing of Bigtree.com, a San Francisco based ecommerce start-up, as well as account management for the launch of Chapters.com's online business. Mr. Ehrlich's previous business experience also includes several years at MacLaren McCann advertising (November 1991 - August 1994). Mr. Ehrlich holds an MBA from the Richard Ivey School of Business (1996) and a BA in Political Science from the University of Western Ontario (1991).

Timothy M. Gould, Director

Mr. Gould is President of Gould Leasing Ltd., a lease finance company specializing for the past 19 years in lending to a wide variety of emerging Canadian businesses. Gould Leasing has previously provided debt financing to the Company. Before establishing Gould Leasing, Mr. Gould spent ten years with Scotia McLeod as an investment representative. He is currently a member of the board of the Foundation of The Canadian Paraplegic Association of Ontario. Mr. Gould has been a director of the Company since May 2003.

Anthony Lacavera, Director

Mr. Lacavera co-founded Globalive Communications Corp., a provider of next generation IP-based telecommunications solutions, in 1998 and became its President and Chief Executive Officer in the Autumn of 1999. Mr. Lacavera is also co-founder and Chairman of Enunciate Conferencing, a provider of audio and Web conferencing services. Mr. Lacavera serves as a director of Cohere Communications, a New York-based VoIP solutions provider to businesses across the USA.

Michel Lafontaine, Director and Vice-President Operations

Mr. Lafontaine is one of the founders of Zip411 Enterprises Inc. in 1976 and became President and Chairman of the Board of Zip411 in 1990, Mr. Lafontaine was appointed Vice-President Operations of the Company upon completion of the Company's acquisition of Zip411 in August 2006.

Owen B. Menzel, Director

Mr. Menzel has been providing consulting services through his firm, Savant Consulting, since December 2000. In addition, Mr. Menzel was President and Chief Financial Officer of Monarch Delaney Financial Partners Inc. from July 2002 to March 2004. He was Chief Financial Officer of Microforum Inc. from December 2000 to September 2001. From December 1999 to September 2000, Mr. Menzel was Chief Financial Officer of CamVec Corporation; and from February 1998 to June 1999, he was Chief Financial Officer of C.M. Oliver Inc. Mr. Menzel has been a director of the Company since August 2003, and was a founder of one of its predecessors, First One Capital Inc.

Peter Schwartz, Director

Mr. Schwartz has been President of Laurence Capital Corp., a Waterloo-based merchant bank, since September 2003. Prior to September 2003, Mr. Schwartz was Chairman and Chief Executive Officer of BSG. Mr. Schwartz previously served as President and Chief Executive Officer of The Descartes Systems Group Inc.

Resignation of Roger O. Abbiss

Roger O. Abbiss, the former President and CEO of redCity, has resigned as a director of redCity. redCity would like to thank Mr. Abbiss for his past contribution and efforts and wishes him success in his future endeavours.

Meeting of Shareholders

redCity intends to hold an annual and special meeting of its shareholders on January 30, 2006. The meeting will be held in Toronto, Ontario. Further information regarding the meeting will be forthcoming.

About redCity Search Company Inc.

redCity Search Company Inc. (www.redcitysearch.com) operates local search engines that allow users to find local businesses quickly and easily across Canada. Its search sites include www.Zip411.net, www.redToronto.com, www.redMississauga.ca and 411Canada.com.

The Company compiles and maintains an up to date database of over 1 million Canadian business establishments that attracts more than 1.4 million unique visitors per month. The Company also supplies branch locator services to the Desjardins Credit Union movement, Laurentian Bank of Canada, the Rona hardware chain and other multi branch Canadian business organizations.

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements based on management's current projections, beliefs and opinions at the date of this news release. Actual results could differ materially from those anticipated in the statements due to risks and uncertainties which affect the Company's business and operations. Reference should be made to the Company's disclosure documents filed from time to time with Canadian securities regulatory authorities for a detailed description of such risks and uncertainties. The Company takes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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