LiveDeal, Inc. Appoints Jon Isaac as President and CEO for $1 Per Year SalaryJanuary 24, 2012
LAS VEGAS--(BUSINESS WIRE): January 24, 2012-- LiveDeal, Inc. (NASDAQ: LIVE), a provider of web-based customer acquisition and related products for small and local businesses, announced today that it has appointed Jon Isaac, head of Isaac Capital Group (www.isaac.com), a privately held investment company in San Diego, California, as its President and Chief Executive Officer, effective as of January 12, 2012. Mr. Isaac has served on LiveDeal's Board of Directors since December 12, 2011.
"As a measure of my confidence in LiveDeal and its significant growth potential, I have agreed to a take a salary of $1.00 per year," commented Mr. Issac. "As a fellow shareholder in the Company, I have a vested interest in driving the success of the Company. My primary goal is to achieve profitability and increase shareholder value. My plan is to focus on increasing sales of LiveDeal’s existing product lines, while developing new products and reducing overall expenses. With this new plan, the company can possibly achieve a turnaround to profitability within a short period of time. I hope that my fellow shareholders will share in my excitement for the next chapter of LiveDeal, Inc."
Thomas Clarke, Jr., Director and Head of the Compensation Committee of LiveDeal, Inc., said "I am extremely pleased to welcome the financial and operational expertise of Mr. Isaac to our organization. He brings a wealth of knowledge in directing successful turnaround strategies for public companies such as ours. I am optimistic that his ability to raise funds, implement change and achieve profitable results will benefit our company and reward our shareholders with added value." Mr. Clarke noted that Mr. Isaac may be eligible to receive bonuses as determined by the Company’s Compensation Committee in its sole discretion.
Mr. Isaac founded Isaac Organization, a privately held investment company. Over the years, he has successfully closed on several, multi-faceted real estate transactions, including those involving the U.S. federal government and other publicly traded companies. Under the Isaac Capital Group, the private equity division of Isaac Organization, Mr. Isaac has funded and added value to numerous publicly-traded companies. Mr. Isaac studied economics and finance at the University of Ottawa, Canada.
About LiveDeal, Inc.
LiveDeal, Inc. provides local customer acquisition services and related products for small businesses to deliver an affordable way for businesses to extend their marketing reach to target customers via the Internet. For more information, visit www.livedeal.com.
Forward-Looking and Cautionary Statements
This press release may include statements that constitute "forward-looking statements," which are often characterized by the terms "may," "believes," "projects," "expects" or "anticipates," and do not reflect historical facts. Forward-looking statements involve risks, uncertainties and other factors that may cause actual results, performance or achievements of LiveDeal, Inc. and its subsidiaries to be materially different from those expressed or implied by such forward-looking statements.
Factors that may affect forward-looking statements and LiveDeal’s business generally include, but are not limited to, (i) the risk factors and cautionary statements set forth in LiveDeal’s Annual Report on Form 10-K for the fiscal year ended September 30, 2010; (ii) other factors or statements described in LiveDeal’s other filings with the Securities and Exchange Commission; and (iii) other factors that LiveDeal is currently unable to identify or quantify, but may exist in the future.
Forward-looking statements speak only as of the date the statement was made. LiveDeal does not undertake and specifically declines any obligation to update any forward-looking statements.
Investor Relations Contact:
Lawrence Tomsic, 702-939-0230
Chief Financial Officer
Press Release Contact:
Autumn Wofford, 702-589-5203
Source: LiveDeal, Inc.