InterSearch Group Completes Round of Institutional Equity Financing, Enters Agreements to Acquire Multiple Domain Portfolios That Include www.Look.com.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Multi-Million-Dollar Investment Earmarked for Acquisitions Comes in Conjunction with Major Capital Restructuring InterSearch Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ISGP ISGP Interactive Sequential Goal Programming ) today announced it has completed a $5 million round of institutional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with Barron Partners LP, a New York-based private investment partnership, as part of a capital restructuring. InterSearch has also announced that it has entered into agreements with DotCom Corporation and Look on the Web to acquire multiple domain portfolios, including www.look.com. Under the terms of the equity financing deal, Barron has provided immediate funding to InterSearch earmarked for acquisitions. Barron has purchased 250 million shares of InterSearch common stock at $0.02 per share and received warrants to acquire an additional 250 million shares at $0.03 which are callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. by the company should InterSearch complete a public offering at a price in excess of $0.06 per share. "We searched carefully for an institutional partner who shared our vision and was of like business mind and culture to ours. Barron is just that partner and we welcome them as a significant shareholder in InterSearch. The funding support they provide will allow us to continue and accelerate the execution of our acquisition growth strategy," said Dan O'Donnell, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of InterSearch Group. InterSearch has also entered into an $11.150 million agreement including both cash and stock with DotCom Corp. of Cary, North Carolina Cary is the second largest municipality in Wake County, North Carolina and the third largest municipality in The Triangle (North Carolina) behind Raleigh and Durham. It is the seventh largest municipality in North Carolina. , to acquire a portfolio of tax-related domains, and signed a deal with Look on the Web of Ontario, Canada, to lease, with the option to buy, the domain www.look.com. O'Donnell further commented: "As we've expanded our presence in the domain channel, our focus has been on quality as opposed to the quantity of domains. We consider these domains to be the equivalent of Park Avenue in terms of the Internet real estate "Internet Real Estate" is a popular buzzword that has two different definitions. First, "Internet Real Estate" can be used to describe the use of the Internet to promote, advertise, and view commercial and residential real estate for lease or purchase. of domains, particularly when you consider the excellent synergies we'll achieve with our search and financial services related businesses." As part of the Capital Restructuring, $1,223,405 in shareholder debt was converted to 30,585,137 shares of common stock at a price of $0.04 per share, 106,942,776 shares of Series A preferred were converted to common at a ratio of 5 common for each share of Series A Preferred and 100,000 shares of Series B Preferred were converted at a ratio of 10 common for each share of Series B Preferred. Additionally, the company has effected a 1 for 40 reverse stock split effective October 17, 2005. InterSearch Group, Inc. owns and operates several Pay Per Click (PPC See Pocket PC, PowerPC and pay-per-click. PPC - PowerPC ) Internet search engines and provides Domain Monetization services, as well as search and technology consulting services to Fortune 500 companies. More information about InterSearch Group, Inc. can be obtained at www.InterSearch.com or by contacting the company at 415-901-0410. InterSearch Group's stock is listed on the National Quotation Bureau National Quotation Bureau A service that publishes bid and offer quotes from market makers in OTC transactions. National Quotation Bureau under the symbol ISGP. Except for historical information, matters discussed above are forward-looking statements within the meaning of safe-harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from projected results. Those factors include, but are not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, services and related products, prices or other areas. The Company undertakes no obligation to publicly release the results of any revisions to forward-looking statements. |
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