Local Corporation Appoints Fred Thiel as CEO
Norm Farra to resume role as lead director of the Board of Directors
IRVINE, Calif. -- May 7, 2014
Local Corporation (NASDAQ:LOCM), a leading local advertising technology
company, today announced that Fred Thiel, Local Corporation’s chairman of the
board, has been named chief executive officer of the company, effective
The appointment of Thiel, a seasoned technology executive with extensive
experience with both public and start-up and early stage companies,
demonstrates the company’s commitment to delivering breakthrough technologies
that reinvent the way consumers interact with digital advertising . The
company also announced that, effective immediately, the position of president
and chief operations officer would be eliminated to further streamline
operations and Michael Sawtell will be leaving the company.
“I am excited to lead such a talented team of forward-thinking individuals in
our pursuit of providing local advertising technology solutions that make it
easier for consumers to find the products and services they need and for
advertisers to reach those consumers at precisely the right time across
multiple channels,” said Thiel, Local Corporation chairman and chief executive
officer. “Our best-in-class Krillion technology platform, combined with over a
decade of experience in providing local advertising solutions and a robust
intellectual property portfolio position us to lead at the crossroads of the
digital advertising industry.”
“Local Corporation is uniquely positioned to deliver local advertising
products and services that benefit consumers, retailers, advertisers and
manufacturers alike. With focus and execution, I believe we can transform this
company into a world-class local advertising technology company,” added Thiel.
Thiel joined Local as a board member in 2013 and became its chairman in
January of this year. Prior to Local, Thiel served as the managing partner of
the Software IT Group at Triton Pacific Capital Partners, a private equity
firm that makes equity investments on its behalf and its investorsin lower
middle market companies, from January 2007 until the end of 2012. As part of
his role at Triton Pacific Capital Partners, Thiel served on the boards of
four of its portfolio companies: Custom Credit Systems, LP, an enterprise
software company providing commercial lending automation solutions to major
banks; DB Technology, LLC, an enterprise content management software company
providing solutions to healthcare providers; Assetpoint, LLC, an enterprise
software company providing enterprise asset management solutions to major
corporations; and Vayan Marketing Group, LLC, an internet media marketing
company providing customer acquisition services to major consumer brands.
Thiel has been a senior advisor to Graham Partners, a mid-market private
equity firm since 2008. From January 2004 to December 2006, He was founder and
managing partner of TechStarter Ventures, a venture capital and technology
incubator focused on developing Web 2.0 technologies and social media, human
resources and project management related web properties. Prior to TechStarter,
Thiel was CEO of GameSpy Industries from January 2002 through January 2003.
While chairman and CEO for Lantronix, Thiel led a repositioning, doubled the
company’s revenue growth in four years, led four acquisitions and the initial
public and secondary offerings. Thiel is presently a director of two private
companies: Predixion Software, Inc., and B&B Electronics, Inc. Thiel attended
classes at the Stockholm School of Economics in Europe.
“After evaluating both internal and external candidates, the board is pleased
to name Fred as CEO. The board was extremely impressed with his diverse
experience and his ability to quickly set a compelling vision for the company
and make that vision palpable both internally and to the investment community.
We expect that this next year will be punctuated by many successes under
Fred’s leadership,” said Norm Farra, who will be resuming his role as lead
director of the board of directors. “As part of the desire to flatten the
organization, the position of president and COO has been eliminated and Mike
Sawtell will be leaving Local effective immediately. The board appreciates
Mike's efforts over the years.”
In connection with his appointment as CEO, Thiel has resigned his positions on
the Audit Committee, Nominating and Corporate Governance Committee, and the
Compensation Committee of the Board of Directors. He will remain chairman of
the board. The company will move quickly to nominate a new independent
director to regain compliance with applicable listing standards.
About Local Corporation
Local Corporation (NASDAQ:LOCM) is a leading local advertising technology
company that connects millions of online and mobile consumers with businesses
and products through a variety of innovative digital advertising solutions.
The company’s patented Krillion® local shopping platform aggregates, localizes
and distributes dynamic, national and regional retail shopping content, from
approximately 120,000 store locations, representing nearly 3 million localized
products. For more information, visit: http://www.localcorporation.com or
http://www.krillion.com. To download the company’s iOS® 7-compatible Havvit™
shopping app, go to: iTunes® (http://bit.ly/1d8Y111).
Forward Looking Statements
This press release contains certain forward-looking statements that are based
upon current expectations and involve certain risks and uncertainties within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Words or expressions such as "anticipate," "plan," "will," "intend," "believe"
or "expect" or variations of such words and similar expressions are intended
to identify such forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond our control and
difficult to predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements. Key risks are
described in the filings we make with the U.S. Securities and Exchange
Commission. 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. Unless otherwise
stated, all site traffic and usage statistics are from third-party service
providers engaged by the company. Traffic and our monetization of that traffic
combine to determine our revenues for any given period. Our traffic volume
alone for a period should not be viewed as demonstrative of our financial
results for such period.
Investor Relations Contact:
Kirsten Chapman, 415-433-3777
Media Relations Contact:
Cameron Triebwasser, 949-789-5223
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