SOURCE:, Inc., Inc.

August 01, 2011 09:47 ET Slashes More Than $2.3 Million in Outstanding Debt

TAMPA, FL--(Marketwire - Aug 1, 2011) -, Inc. (PINKSHEETS: EYSM) an emerging leader in the Local Business Search Market , today announced it has secured agreements enabling it to cut more than 50% of its total outstanding debt, over $2.3 million US, and dramatically improve its balance sheet. Founder and CEO Scott Gallagher, stated, "With today's debt restructuring we have taken a major step forward in positioning our Company for future growth as well as make the Company a more attractive investment vehicle not only for our current stockholders but for institutional and accredited investors as well." Gallagher continued, "We were able to renegotiate the majority of our outstanding liabilities in a manner that allows to remove more than 50% of its outstanding liabilities, some $2.3 million, off its balance sheet by converting some debt to preferred shares and by restructuring the terms of several other agreements in a mutually beneficial manner." 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). Elysium Internet, 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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