News Room
Press Release
InterSearch Group Executes Reverse Stock Split, Begins Trading under Symbol IGPN
Action Completes Multi-Million-Dollar Capital Restructuring Round, Follows Acquisition of Internet Search Optimization Company and Lease of look.com Domain
SAN FRANCISCO, CA. — (BUSINESS WIRE) — October 19, 2005 6:30 PM ET
InterSearch Group, Inc. (OTC: IGPN - News ), which owns and operates several Pay Per Click (PPC) Internet search engines and provides Domain Monetization, search and technology consulting services, has completed a 1 for 40 reverse stock split effective October 19.
As a result of the reverse stock split and a new CUSIP number, InterSearch Group’s ticker symbol has changed to IGPN. The symbol was formerly ISGP. The company's common stock continues to trade on the National Quotation System.
As previously announced October 11, InterSearch completed a $5 million round of institutional equity financing with Barron Partners LP, a New York-based private investment partnership, as part of its capital restructuring.
Under the terms of the equity financing deal, Barron provided immediate funding to InterSearch earmarked for acquisitions. Barron purchased 250 million shares of InterSearch common stock at $0.02 per share and received warrants to acquire an additional 250 million shares at $0.03 which are callable by the company should InterSearch complete a public offering at a price in excess of $0.06 per share.
As part of the Capital Restructuring, $1,223,405 in shareholder debt was converted to 30,585,137 shares of common stock at a price of $0.04 per share, 106,942,776 shares of Series A preferred were converted to common at a ratio of 5 common for each share of Series A Preferred and 100,000 shares of Series B Preferred were converted at a ratio of 10 common for each share of Series B Preferred.
InterSearch has also entered into an $11.150 million dollar agreement including both cash and stock with DotCom Corp. of Cary, North Carolina, to acquire a portfolio of tax-related domains, and signed a deal with Look on the Web of Ontario, Canada, to lease, with the option to buy, the domain www.look.com.
The full text of the news release describing these transactions is available on InterSearch Group's website at http://www.intersearch.com/press/20051011-0000.html.
As disclosed October 12, InterSearch announced its acquisition of La Jolla Internet Properties, Inc., a California company providing business customers with Internet technology consulting, web property development and search engine optimization services.
The new company complements and expands several of InterSearch's existing corporate services, including its Internet Technology Consulting and Corporate Search offerings. Terms of the transaction were not disclosed.
Based in La Jolla, Calif., La Jolla Internet Properties was founded in 2004 to provide Internet Technology Consulting, Web Property Development and Search Engine Optimization (SEO) Services and was originally funded by some of the current shareholders of InterSearch.
The full text of the October 12 LaJolla Internet Properties acquisition news release is available at http://www.intersearch.com/press/20051012-0900.html.
InterSearch Group, Inc. owns and operates several Pay Per Click (PPC) Internet search engines and provides Domain Monetization services, as well as search and technology consulting services to Fortune 500 companies. More information about InterSearch Group, Inc. can be obtained at www.InterSearch.com or by contacting the company at 415-901-0410.
Except for historical information, matters discussed above are forward-looking statements within the meaning of safe-harbor pro visions of the Private Securities Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from projected results. Those factors include, but are not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, services and related products, prices or other areas. The Company undertakes no obligation to publicly release the results of any revisions to forward-looking statements.
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Contact:
InterSearch Group
Dan O’Donnell or Gary Bogatay
415-962-9700
or
Mozaic Investor Relations
Terry McWilliams
terrym@mozaicir.com