/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, March 1 /CNW/ - redCity Search Company Inc. (TSX VENTURE:RDC)
("redCity" or the "Company"), a leader in local online search technology,
today released its financial results for the three and six months ended
December 31, 2006.
On August 18, 2006 the company completed a series of transactions that
included the acquisition of Zip Enterprises Inc. ("Zip411"), a national
database publisher and internet directory service provider based in Montreal,
Quebec. The reported results from operations for the three months ended
December 31, 2006 include the results from operations of Zip411 during the
period. The reported results from operations for the six months ended December
31, 2006 include the results from operations of Zip411 for the period August
18, 2006 to December 31, 2006.
Net revenues, excluding Barter denominated revenue, increased by $836,548
to $1,580,766, for the three months ended December 31, 2006 compared to
$744,218 for the same period in 2005.
Net revenues, including Barter denominated revenue, increased by $463,520
to $1,616,645, for the three months ended December 31, 2006 compared to
$1,153,125 for the same period in 2005.
Net loss from continuing operations for the three months ended December
31, 2006 was $1,302,935, or $0.01 per common share, compared to $436,752 or
$0.02 per common share for the same period in 2005.
The complete financial results and management's discussion and analysis
of the results for the three months ended December 31, 2006 are available
through the System of Electronic Document Analysis and Retrieval (SEDAR) at
All currencies are stated in Canadian dollars.
About redCity Search Company Inc.
redCity Search Company Inc. (www.redcitysearch.com) operates local search
directories across Canada which allow users to find information about local
businesses, products, and services quickly and easily. redCity compiles and
maintains an up-to-date database of over one million Canadian businesses and,
through sites such as Zip411.net, redToronto.com, and redMississauga.com,
attracts on average more than one million unique visitors per month. The
Company intends to change its name to ZipLocal Inc. in March 2007.
This news release may contain forward-looking statements based on
management's current projections, beliefs and opinions at the date of
this news release. Actual results could differ materially from those
anticipated in the statements due to risks and uncertainties which affect
the Company's business and operations. Reference should be made to the
Company's continuous disclosure documents filed from time to time with
Canadian securities regulatory authorities for a detailed description of
such risks and uncertainties. The Company takes no responsibility to
update forward-looking statements if circumstances or management's
projections, beliefs or opinions change.
For further information:
For further information: redCity Search Company Inc., Jeff Jackson,
(416) 987-2153, Email: JJackson@redtoronto.com, Website: