SOURCE:, Inc., Inc.

September 08, 2011 16:26 ET Withdraws From Deal to Acquire

TAMPA, FL--(Marketwire - Sep 8, 2011) -, Inc. (PINKSHEETS: SEEK) today announced that it has pulled out of the deal to acquire the assets of due to financing related issues and unfavorable market conditions. Founder and CEO Scott Gallagher commented, "Unfortunately we have been forced to pull out of our deal to acquire the assets of from C2Binteractive due to unfavorable financing terms and market conditions. The withdrawal from this transaction will have no impact on our current profitable operations. We expect Q4 to be our fifth consecutive quarter of top-line growth and our second consecutive quarter of profitability. Our non-dilutive financing package fell through and I refuse to enter into any other transaction that requires massive dilution of the existing shareholder base. We'll now turn 100% of our focus back to launching version 2.0 of and launching 10 new Local search categories by the end of this year." Gallagher went on to say, "We wish the owners of all the best with their future plans and projects."

The company will update its previously released revenue and earnings estimates for Q4 and 2012 in its earnings release set for September 29th.

About, Inc. is a local Internet media network that owns and operates locally targeted category specific search destinations including several which are leaders in their vertical markets including In addition to the network includes,,, and many 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 no 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.

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