/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, March 26 /CNW/ - redCity Search Company Inc. ("redCity"), the
leading Canadian local business directory, is pleased to announce that it has
received all required regulatory and shareholder approvals to change its name
and consolidate its outstanding shares. As of the commencement of trading on
March 26, 2007, redCity will be trading on a postconsolidation basis as
ZipLocal Inc. ("ZipLocal") under the symbol "ZIP" on the TSX Venture Exchange
As announced in its press release of December 29, 2006, redCity held a
meeting of its shareholders on January 30, 2007 to, among other things, obtain
shareholder approval to its proposed name change, the proposed consolidation
of its common shares and a reduction in its stated capital by $12,701,947. All
shareholder approvals were received at the meeting. Upon consolidation,
shareholders of redCity will receive one new common share for every five
common shares outstanding.
In addition, redCity received shareholder approval at the meeting to
increase the number of common shares reserved for issuance under the redCity
employee stock option plan (the "Plan") to 52,092,332. Shareholders also
ratified grants for a total of 2,711,058 options, exercisable at $0.10 per
share. Since January 30, 2007, the directors of redCity have granted a total
of 4,687,156 options, all exercisable at $0.10 per share and expiring on
February 26, 2012. The number of common shares reserved for issuance under the
Plan will be 13,555,290 and the number of outstanding options and the exercise
prices thereof will be adjusted accordingly. After giving effect to the share
consolidation, the number of common shares reserved for issuance under the
Plan will be 2,711,058 and the number of outstanding options and the exercise
prices thereof will be adjusted accordingly.
About ZipLocal Inc.
ZipLocal Inc. (www.ziplocal.com; TSX Venture: ZIP) is a local business
directory that connects buyers and sellers through an intuitive and
user-defined interface. It collects and maintains a database of more than 1
million Canadian businesses and attracts on average more than 1 million
visitors per month.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release.
For further information:
For further information: Michelle Fanning, ZipLocal Inc., Email:
firstname.lastname@example.org, Phone: (416) 987-2353