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SearchCore Announces Agreement for Sale of WeedMaps
By: PR Newswire
Dec. 18, 2012 05:00 AM
NEWPORT BEACH, Calif., Dec. 18, 2012 /PRNewswire/ -- SearchCore, Inc. (OTCQX: SRER), a technology-based Internet marketing services company that connects consumers with brands, products and services, today announced that on December 11, 2012, the company entered into an agreement for the sale of its wholly-owned subsidiary WeedMaps Media, Inc. As consideration for the sale, the company will receive a $3,000,000 secured promissory note, a reduction of over $8,000,000 in liabilities related to its obligations to previous SearchCore principals, the assumption of its office lease in Newport Beach, California, and $750,000 in cash. The transaction is anticipated to close on December 31, 2012.
"The sale of WeedMaps Media is in line with our stated strategy to leverage our proven technology platform and expertise to expand into new internet-supported verticals," said Jim Pakulis, Chief Executive Officer of SearchCore. "Having kept the core technological know-how, this transaction will enable SearchCore to dedicate all of our personnel and capital resources toward establishing an entire network of successful web properties and finder sites. At the same time, it will enable WeedMaps to focus exclusively on their mission to connect medical cannabis patients with dispensaries. This transaction will mark our exit from the medicinal cannabis industry.
"We are excited about the future and we are making solid progress on implementing our diversification strategy," Pakulis continued. "We have already identified several attractive targets that meet our specific parameters including the recreational sports, manufactured homes and tattoo industries, and we are evaluating a number of others. With a strong foundation in place for our next phase of development, we are moving full speed ahead in preparing to launch the first of several new verticals in January 2013. In conjunction with this transaction, we have moved to a smaller headquarters facility with a smaller workforce in order to more closely align our expense structure with our near term revenue opportunity."
About SearchCore, Inc.
SearchCore, Inc. is a technology-based Internet marketing services company that offers customers an integrated suite of services including media, technology, marketing and information. Founded in 2010, SearchCore is headquartered in Newport Beach, California. The Company's common stock trades on the OTC Market's highest tier, OTCQX, under the ticker symbol "SRER." www.SearchCore.com
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). SearchCore, Inc. cautions that statements made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections or implied results. SearchCore, Inc. undertakes no obligation to revise these statements following the date of this news release.
SOURCE SearchCore, Inc.
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