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TheDirectory.com Secures Extension of Conversion Freeze From Debt Holders(November 15, 2011)
TAMPA, FL -- (Marketwire) -- 11/15/11 -- TheDirectory.com, Inc. (PINKSHEETS: SEEK) today announced that it has secured a freeze from certain debt holders to refrain from converting debt to equity through January 15th, 2012. The company plans to be completely debt free by the end of 2012.
TheDirectory.com Founder and CEO Scott Gallagher commented, "I'm very pleased to advise our stockholders that we've received a freeze on any future debt conversions through the end of the year into 2012. Our current debt holders have been very cooperative in letting the Company grow and become profitable, they share our enthusiasm regarding the opportunities offered by the launch of version 2.0 of www.TheDirectory.com. We continue to expect to be completely debt free by the end of 2012. Regarding share issuances, no shares have been issued since July." Gallagher continued, "We're working diligently on version 2.0 of TheDirectory.com scheduled for beta launch on January 3rd, 2012. We recently secured several agreements relating to new revenue channels and technologies and have begun integrating these technologies and products into the new site. The development schedule is on track and we're beginning to look for additional sales staff to support the launch."
About TheDirectory.com, Inc.
TheDirectory.com is a diversified Local Internet search company that owns and operates a network of locally targeted category specific search destinations anchored by its Local business search engine www.TheDirectory.com, other sites in the network include:www.Podiatrists.com, www.Chiropractor.net, www.Therapists.net, www.DentistAppointments.com, www.Dietitians.net and many others. For more information visit the Company's Investor web site www.TheDirectory.tv. Review the Company's financial statements and related filings on www.OTCMarkets.com.
Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). TheDirectory.com, Inc. cautions that the statements made in this press release constitute forward-looking statements and no guarantees of future performance and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made.
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