ﾷ Revenues increased by 22% year over year.
ﾷ Current cash position is $9,569,594 as of March 31, 2014, compared to $1,297,275 for the comparable quarter in 2013.
ﾷ Net Loss decreased by approximately 70%, year over year.
Jon Isaac, LiveDeal's President and Chief Executive Officer stated, "LiveDeal has now positioned itself to grow all facets of its core business. The increased traffic to its website enables LiveDeal to continue to build its brand, as well as build its potential advertising base, which we believe may result in a significant source of recurring income for the Company in the future. We believe that our strong cash position will enable us to grow our new Goods division in a conservative, responsible manner."
Isaac continued, "What we believe separates LiveDeal from others in the industry is that we are focused on creating an ongoing, long-term sustainable revenue stream that will position us to be an industry leader in the instant deal space. Unlike our competition, we offer merchants free subscriptions to join the site forsaking a small amount of short term revenue to attract long term, quality subscribers, with the intent to ultimately establish a long-term sustainable revenue model. With LiveDeal's long-term philosophy we believe we can increase the number of merchant subscribers to our database, enabling us to aggressively build our database and then begin to market our sites as an advertising medium, similar to the strategy followed by Groupon, Inc. (GPN) and Facebook, Inc. (FB)."
"We feel confident that sustained double-digit revenue growth will continue throughout 2014 with the addition of our Goods division," concluded Mr. Isaac.
For more information, refer to the Company's Quarterly Report on Form 10-Q that was filed with the Securities and Exchange Commission and is available at www.sec.gov.
" a user-friendly mobile and desktop web interface allowing consumers to easily browse, download and instantly redeem "live" offers found on livedeal.com based on their location.
LiveDeal Inc. provides marketing solutions that boost customer awareness and merchant visibility on the Internet. LiveDeal operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In November 2012, LiveDeal commenced the sale of marketing tools that help local businesses manage their online presence under the Company's Velocity Localﾙ brand. LiveDeal continues to actively develop, revise, and evaluate these products and services and its marketing strategies and procedures. For more information, visit www.livedeal.com.