CityXpress Announces that Senior Executives Acquire Major Newspaper Shareholders' Ownership Position
VANCOUVER, British Columbia - August 6, 2008 - CityXpress Corp., a leading developer of advertising programs that directly connect local merchants with consumers through a network of media and online partners, today announced that two executives of the Company had purchased the shares of its two major outside investors, Lee Enterprises and The McClatchy Company.
Lee Enterprises and McClatchy, both large US newspaper companies, had each acquired a 35% ownership position in CityXpress in 2004. With the acquisition of their shares, the two senior executives of CityXpress, Phil Dubois and Ken Bradley, now own approximately 40% of the Company each. Financial details of the share purchase were not disclosed by the parties.
It was also announced that three of the directors who represented Lee Enterprises and McClatchy have resigned from the CityXpress Board of Directors. Greg Schermer of Lee Enterprises will continue to act as a director of CityXpress.
"Ken Bradley and I are obviously pleased and excited to be able to assume majority ownership of CityXpress," said Phil Dubois the Company's President and CEO. "We have invested heavily in the Company, both in personal and financial terms. We look forward to making an ongoing commitment to CityXpress as it develops and deploys products that deliver real value to advertisers and media companies."
CityXpress has operations in 15 countries worldwide and over the past five years its unique advertising program has earned its 115,000 participating retailers over $300 million in local media advertising.
About CityXpress Corp.
CityXpress Corp. (www.cityxpress.com) is a leading developer of advertising programs that connect local merchants with a network of worldwide media companies, allowing businesses to fund their marketing programs and amplify their purchasing power by auctioning off the products or services they carry. Founded in 1999, CityXpress has operations in North and South America, Europe and Australasia. CityXpress provides its customers with its hosted software, sales training programs, and customer support services. Headquartered in Vancouver, British Columbia, CityXpress maintains an international office in London.