DAG Media, Inc. Announces the Sale of Its New Yellow Manhattan Yellow Pages
Friday August 22, 4:01 pm ET
NEW YORK, Aug. 22 /PRNewswire-FirstCall/ -- DAG Media Inc. (Nasdaq: DAGM - News; "DAG"), announced today the sale of its New Yellow Manhattan directory to Yellow Book USA, Inc. for $1.3M in cash. Under the agreement, DAG may publish and distribute the next two editions of the directory (October 2003 and April 2004), in accordance with its publication schedule and past practice. DAG will divert efforts in order to increase sales of advertising space for its other directories. In addition, according to the agreement, Dag may continue to publish and expand its existing niche and ethnic directories and may start new niche and ethnic directories, in any geographic areas.
DAG Media Chairman of board and Chief Executive Officer Assaf Ran remarked, "It has been approximately four and a half years now that we are trying to take the lead in the Manhattan market. Due to unexpected intense competition, the economic slow down and the September 11 terrorist attack we can better utilize our sales force and our infrastructures assets in other markets.
We are fully committed to each of the advertisers that purchased their advertisements in the Manhattan directory. The next two editions of New Yellow Manhattan will be published on schedule and will be fully distributed."
"I strongly believe that this deal is both for the benefit of our shareholders and advertisers," added Mr. Ran.
DAG Media publishes and distributes three yellow page directories in print as well as photography and illustration directories. We also operate several web sites that complement our directories at www.newyellow.com and at www.blackbook.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Source: DAG Media Inc.