/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TORONTO, Feb. 29 /CNW/ - ZIPLOCAL INC. (ZIP-TSX Venture Exchange)
("ZipLocal" or the "Company"), a leader in local online search technology,
today released its financial results for the three and six month periods ended
December 31, 2007.
During the second quarter, ZipLocal focused on aggressively building site
infrastructure, driving increased traffic and strengthening their management
In November, ZipLocal launched a major website re-design featuring
extensive site and interface enhancements, as well as ZipPeople, an online
consumer community providing users with a forum to contribute real-world
content reviews of local businesses.
The new ZipLocal site launch was supported by a market advertising
campaign including newspaper ads, an extensive online media buy and innovative
'pizza box' advertising. ZipLocal also took their message to the streets with
a guerilla marketing campaign, hitting high-profile locations in the same
major markets. Additionally, the new site launch was supported by ongoing
public relations activities resulting in over 3,784,420 impressions for the
"I pledged my vision for ZipLocal, back in March 2007 when we created the
brand that has now begun to take shape with the activity of our second
quarter," said Elaine Kunda, President and CEO of ZipLocal Inc. "We have shown
an increase of 15 percent unique visitor traffic in the second quarter over
the first quarter, and our ever-growing ZipPeople community is showing a
greater than 25 percent content contribution rate, against an industry
standard of 2 percent. ZipLocal is beginning to make an impact with online
audiences across Canada, particularly in markets where online local search
offerings do not abound."
Net revenues for the three month period ended December 31, 2007 were
$1,008,057, representing a decrease of $608,588 (or 38%) from $1,616,645 in
the same quarter of fiscal 2007. Net revenues for the six month period ended
December 31, 2007 were $2,218,988, representing a decrease of $444,419 (or
17%) from $2,663,407 in the same period of fiscal 2007.
Net loss from continuing operations for the three months ended
December 31, 2007 was $1,985,413 (or $0.03 per share), compared to a loss of
$1,313,932 (or $0.03 per share) for the same period in fiscal 2007. Net loss
from continuing operations for the six months ended December 31, 2007 was
$3,224,568 (or $0.06 per share), compared to a loss of $3,683,589 (or $0.10
per share) for the same period in fiscal 2007.
ZipLocal recently also rounded out their executive team by appointing Dr.
Aris Zakinthinos as Chief Technology Officer. Dr. Zakinthinos brings over 15
years of executive management expertise in technology development, as well as
significant teaching experience with the Universities of Toronto, Waterloo and
The complete financial results and management's discussion and analysis
of the results for the three and six months ended December 31, 2007 are
available through the System of Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com. All currencies are stated in Canadian dollars.
About ZipLocal Inc.
ZipLocal operates a Canadian online directory that provides a rich,
user-defined local search experience. ZipLocal provides relevant search
results from over 1.3 million businesses with maps and functionality for users
to review, rate and tag business listings. ZipLocal is focused on creating the
most comprehensive and engaging search experience at the neighbourhood and
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
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Michelle Fanning, ZipLocal Inc., (416)