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Local.com Granted U.S. Patent Number 8,032,427 for a System for Providing Localized Shopping Information

^{Published on 2011-10-17 04:47:01 - Market Wire}
 

IRVINE, Calif.--([ BUSINESS WIRE ])--[ Local.com ] Corporation (NASDAQ: LOCM), a leading online local media company, today announced that the company has been awarded patent number 8,032,427 by the U.S. Patent and Trademark Office covering a system for providing localized shopping information.

"Consumers are increasingly using mobile devices and apps to research products that are ultimately purchased at brick-and-mortar retailers. As a result of this, we believe that location-based services will play a growing role in connecting retailers with ready-to-buy consumers who are searching for those products"

Issued on Oct. 4, 2011, the patent describes a system by which consumers are provided with online information for specific products sold by local retailers using location-based information to determine relevance. The patented system also provides for the display of relevant advertising along with the sought-after local shopping information.

According to BIA/Kelsey, approximately 97 percent of consumers who use the Internet have used it to research goods or services they purchased offline.

aConsumers are increasingly using mobile devices and apps to research products that are ultimately purchased at brick-and-mortar retailers. As a result of this, we believe that location-based services will play a growing role in connecting retailers with ready-to-buy consumers who are searching for those products,a said Heath Clarke, chairman and CEO, Local.com. aWe believe this new patent, acquired as part of our acquisition of Krillion, provides Local.com with important new intellectual property in this space.a

Acquired by Local.com in April, 2011, Krillion is a leading location-based product search service that connects online shoppers with products available in stores locally, with current discount, pricing and product information. Krillion's localized shopping data adds local relevance at the product level and enables national campaigns to reach web-influenced local shoppers across the U.S. Today, the growing Krillion local search index includes more than 1,200 brands representing more than 77,000 products from more than 70,000 retail locations.

Rovion (a division of Local.com) recently released the industrya™s first localized rich media ad platform, RAMP, which incorporates Krilliona™s dynamic, in-store product inventory availability and current pricing data for products sold by local retailers. The company plans to utilize Krillion product data across its businesses, including providing product directories for its network of approximately 1,500 regional media sites, a future local product app for smart phones, and to provide consumers access to daily discounts from local retailers via its Spreebird daily deals business.

About Local.com®

[ Local.com ] Corporation (NASDAQ:LOCM), a leading online local media company, enables brick-and-mortar businesses to connect with online customers using a variety of digital marketing products. The company reaches more than 25 million consumers each month on the flagship Local.com website, approximately 1,500 regional media sites and more than 100,000 geo-category websites. The company distributes daily deals to hundreds of thousands of email subscribers in 14 markets via Spreebird.com, rich media ads via Rovion.com, and real-time product inventory information from more than 70,000 retail locations nationwide via Krillion.com. To advertise, or for more information, visit: [ http://www.local.com/ ].

Forward Looking Statements

This press release contains forward looking statements that involve risks and uncertainties concerning Local.com Corporationa™s expected financial performance, as well as Local.coma™s strategic and operational plans. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, our advertising partners paying less RPC and revenues to us for our search results, our ability to adapt our business following shifts in our monetization partners, our ability to monetize the Local.com domain, including at a profit, our ability to retain a monetization partner for the Local.com domain and other web properties under our management that allows us to operate profitably, our ability to develop, market and operate our local-search technologies, our ability to market the Local.com domain as a destination for consumers seeking local-search results, our ability to grow our business by enhancing our local-search services, including through businesses we acquire, the future performance of our OCTANE360 business, the integration and future performance of our social buying business, our Krillion business and our Rovion business, as well as any other businesses we may acquire, including our newly acquired Screamin Daily Deals business, our ability to successfully expand our Spreebird business into new markets, including through acquisitions, such as the Screamin Daily Deals acquisition, the possibility that the information and estimates used to predict anticipated revenues and expenses associated with the businesses we acquire are not accurate, difficulties executing integration strategies or achieving planned synergies, the possibility that integration costs and go-forward costs associated with the businesses we acquire will be higher than anticipated, our ability to successfully expand our sales channels for new and existing products and services, our ability to increase the number of businesses that purchase our advertising products, our ability to expand our advertiser and distribution networks, our ability to integrate and effectively utilize our acquisitions' technologies, our ability to develop our products and sales, marketing, finance and administrative functions and successfully integrate our expanded infrastructure, as well as our dependence on major advertisers, competitive factors and pricing pressures, changes in legal and regulatory requirements, and general economic conditions. Any forward-looking statements reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this paragraph. Unless otherwise stated, all site traffic and usage statistics are from third-party service providers engaged by the company.

Our most recent Annual Report on Form 10-K/A, subsequent Quarterly Reports on Form 10-Q and Form 10-Q/A, recent Current Reports on Form 8-K and Form 8-K/A, and other Securities and Exchange Commission filings discuss the foregoing risks as well as other important risk factors that could contribute to such differences or otherwise affect our business, results of operations and financial condition. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.