Local.com Corp. (NASDAQ:LOCM) is seeing shares surge in pre-market trading activity. 24/7 Wall St. just noted the chances in this week’s "10 Stocks Under $10" newsletter that the company was likely to turn on its press release machine soon based upon the recent share price drop. Guess what…
Local.com announced that it has signed five license agreements for its local search patent, which covers methods for indexing and retrieving internet related information by geographical location. The patent licenses have been integrated into revised contracts for the LocalConnect platform, which was recently expanded under the acquisition of PremierGuide. Former PremierGuide clients Community Newspaper Holdings, GateHouse Media, Herald Association, Intellistrand, and The Telegraph cover over 200 sites owned and operated by these properties that have now completed revised contracts with Local.com.
Financial terms were not disclosed, but a 15% pop to $4.33 in pre-market trading pretty much says it all. Local.com was also a member of our "Small Cap Internet Watch List" of stocks that under the right circumstances could become acquisition targets of larger web, media, and IT companies.
Jon C. Ogg
November 15, 2007
Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.
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