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ZipLocal Inc. has entered into an agreement with J.L. Albright Ventures to receive to obtain up to $1 million in secured debt financing for the online local business business directory. An initial $500,000 has been received by ZipLocal Inc., with the remaining open to a drawdown by August 18,2007 at 12% per year payable monthly until maturity. In conjunction with the financing, ZipLocal has granted to JLA Ventures non-transferable warrants to purchase up to 600,000 common shares of the Company, at $0.32 per share, at any time before May 18, 2009. The common shares issuable upon the exercise of the warrants are subject to a four-month hold period that expires on September 19, 1007.

The company has gone through several changes since its inception as redToronto with Roger Abiss the original founder, and then subsequent merger in 2006 of Zip411, redToronto, and redMississauga to create ZipLocal with Elaine Kunda as President and CEO.

Categories: Financial Results, For The Books