SOURCE:, Inc., Inc.

August 03, 2011 10:21 ET Secures Lock-Up From Investors

TAMPA, FL--(Marketwire - Aug 3, 2011) -, Inc. (PINKSHEETS: EYSM), an emerging leader in the Local Business Search Market, today announced that it has secured a short term "Lock-Up" agreement from certain investors. Founder and CEO Scott Gallagher stated, "In addition to the progress we've made by reducing our debt from around $4.1 million at the end of Q2 to under $2 million today, we've now secured a 30 day freeze on any stock conversions from most of our active investors. We're very pleased with the outcome of our debt restructuring that allows us to remove over $700,000 in non-cash derivative valuations from our books and convert nearly $1 million into preferred shares that convert into 4.99% of the Company's outstanding shares with no conversion for the next 12 months. Additionally, as part of the restructuring, we'll be canceling over 54 million restricted common shares later this week." management plans to provide shareholders with an update relating to its pending acquisition later this week.

About, Inc., Inc. is an emerging leader in the local advertising, search and publishing space. The Company operates a direct navigation-based local search network anchored by its local business search engine builds targeted professional directories over category killer Dot Com and Dot Net domain names such as,,,,,,, and others. For more information visit the Company's Investor web site Review the Company's other filings on

Forward-Looking Statements
Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995)., Inc. cautions that the statements made in this press release constitute forward-looking statements and not guarantees of future performance, and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made.

Contact Information

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    Scott Gallagher
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