CityXpress Executives Acquire Online Auction Vendor
VANCOUVER, British Columbia - January 8, 2010 - CityXpress Ltd. announced that Phil Dubois and Ken Bradley, the Company's senior executives, had acquired the Company in a transaction that closed on December 31, 2009. The sale was approved by the independent directors and a majority of the minority shareholders of CityXpress Corp., the previous owners of CityXpress Ltd.
Dubois and Bradley acquired the Company's current business operations, including the CityXpress registered marks and web sites, in the transaction. Included with the business operations that were acquired are customer agreements signed by the Company to provide online auction and marketplace services to media companies in the United States, Canada and Europe.
"We look forward to continuing to work with customers who in the past have run CityXpress auctions or deployed our online marketplaces," said Dubois, president and CEO of CityXpress Ltd. "We are committed to providing the same high level of service that CityXpress customers have come to expect."
"CityXpress auction customers will be provided with a seamless transition, as the staff who serviced their accounts in the past is unchanged. We also remain committed to building on our track record for innovation that over the past few years has resulted in reductions of the workload required to run an auction and in increased returns for our customers."
CityXpress is currently booking auctions for the Spring of 2010. "Our event and gift certificate auctions are a great way for media companies to re-engage advertisers who will be looking for cost effective ways to reach out to their local customers. Our auction program offers a means for advertisers to finance an advertising program, to attract customers and to participate in a large promotional campaign that features local businesses from their community."
CityXpress Ltd. is a leading supplier of innovative programs designed to deliver compelling value to media companies and advertisers. By connecting consumers with trusted retail brands in auctions sponsored by their local newspapers, CityXpress has created an unique environment in which retailers can connect with new customers and amplify the wholesale value of their products into promotional campaigns that drive traffic to their stores and sites. Connecting hundreds of leading newspapers and broadcast stations worldwide with over 130,000 advertisers, CityXpress auction programs have generated more than $250 million in ad revenue for newspapers and $400 million in advertising for local and national retailers. More information is available at the company's corporate website at www.CityXpress.info.
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This press release and/or communication contains forward-looking statements regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties. These and other important factors, including those mentioned in various press releases and/or communications of the Company, may cause actual results and performance to differ materially from the future results expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release and/or communication speak only as of the date hereof and the Company disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's expectations or future events.