AIM Group » Canada

Real Estate Channel, Juwai, bring Chinese home buyers, Canadian agents together

AIMGroup — Fri, 17 May 2013 15:35:29 +0000

More Canadian Real Estate Agents to Target Chinese Buyers via Real Estate Channel Deal with Juwai.com

(Shanghai, China) – Canadian real estate professionals can now market their listings to Chinese buyers automatically from within a popular industry marketing solution. This results from an exclusive partnership between Canada’s only real estate television network, Real Estate Channel and the No. 1 Chinese international property portal Juwai.com.

Chinese are the world’s fastest-growing property buyer demographic. Chinese buyers spent US$28.7 billion on residential property around the world in 2011. And statistics show their increasing interest in Canadian property:[i]

In Montreal, 50% of the market for luxury single-family homes consists of foreign buyers, primarily from China and other nations.
In Vancouver, 40% of such purchases are made by Chinese and other international buyers.
In Toronto, 25% of such purchases are made by Chinese and international buyers.

How It Works

Under the terms of this new partnership, The Real Estate Channel’s real estate agent customers will see their properties automatically listed on Juwai.com. Juwai.com is now the exclusive Chinese real estate portal for The Real Estate Channel and its customers.

The partnership will help Canadian property owners obtain better prices for their homes, and sell them more quickly.

Rapid Growth in Chinese Buyers

Chinese buyers make up the fastest growing real estate buyer group in countries in the Americas, Europe, Asia, Africa, the Middle East and the Pacific. They spent US$7.2 billion on overseas property in 2009. This is projected to climb to US$114 billion by 2015.

CEO Quotes

Leon Ng, Founder of The Real Estate Channel, said: ”Real estate agents have been asking us to make it easy for them to market to the Chinese buyers who are so active in Canada today.

“This partnership with Juwai.com enables us to significantly increase an agent’s chance of selling property more quickly and at a higher price.

“As long as they are Real Estate Channel customers, they get that benefit without having to do anything new. They will be able to tap a huge market with no extra effort.”

Juwai.com Co-Founder Simon Henry said: “We are delighted to work with The Real Estate Channel to make it easy for real estate agents to reach our high-net-worth Chinese users.

“This is good news for Canadian home owners. It means they can be confident that agents working with The Real Estate Channel will sell their homes as quickly and for as much as is possible.

“Canada is always a popular destination for our users. We see it in the search statistics.

“Chinese buyers have a voracious appetite for overseas property investments. One-third of Chinese millionaires have assets in Canada and other overseas countries.[ii] And, this pool of wealthy buyers will expand at a 20 percent compound annual growth rate over the next three years^{^[iii]}.”

About Juwai.com

Juwai.com is China’s No. 1 international property portal and the top ranked Chinese language portal in Hong Kong and Singapore. Juwai.com empowers Chinese consumers to make informed purchase decisions, and helps real estate agents grow their businesses by accessing the world’s fastest-growing buyers of international property. Juwai.com is headquartered in Shanghai, with additional offices in Hong Kong. For info or to advertise: http://list.juwai.com

About The Real Estate Channel

With more than 4 million viewers, the Real Estate Channel is Canada’s largest real estate TV network. The Vancouver B.C. company also operates http://www.realestatechannel.ca/ property portal. It syndicates its customers listings to Juwai.com for Chinese buyers, and also via trovit, youku.com, YouTube, Facebook and Twitter.

[i] Sotheby’s International Realty Canada, http://mwne.ws/12pUxmA.

[ii] 2012 Hurun Wealth Report, via Forbes.

[iii] Report on Private Banking in China 2012, a joint study conducted by China Minsheng Bank and McKinsey & Company.

Mediagrif (owner of LesPac) announces Q3 results

Brian Blum — Tue, 12 Feb 2013 15:42:05 +0000

Third quarter highlights:

Revenues up 11% or $1.5 million to $15.1 million.
EBITDA of $6.2 million up 29%, compared to $4.8 million (before transaction costs of $1.4 million for the acquisition of LesPAC).
Operating profit of $4.9 million compared to $2.3 million.
Profit of $3.5 million ($0.24 per share), up by $2.5 million.
Full repayment of long-term debt following the private placement of common shares of $35.0 million.

Increase in quarterly dividend at $0.10 per share:

Increase of 11% of quarterly dividend from $0.09 to $0.10 per share.

LONGUEUIL, QC, Feb. 12, 2013 /CNW Telbec/ – Mediagrif Interactive Technologies Inc. (TSX: MDF), a world-leading operator of e-commerce solutions, today announced its financial results for the third quarter of fiscal 2013 endedDecember 31, 2012. Unless indicated otherwise, all amounts are in Canadian dollars.

SUMMARY OF CONSOLIDATED RESULTS


		Three months ended December 31		Nine months ended December 31
(in thousands of Canadian dollars, except for numbers related to shares – unaudited)		2012	2011	2012	2011
Revenues		15,128	13,617	46,188	38,960
EBITDA		6,173	3,353	18,812	11,822
Operating profit		4,898	2,250	15,009	9,207
Profit for the period		3,475	965	10,537	6,870
Earnings per share
	- Basic & Diluted	0.24	0.07	0.75	0.50
Weighted average number of share outstanding (in thousands)
	- Basic	14,356	13,710	13,964	13,699
	- Diluted	14,374	13,762	13,995	13,743

The results for the three- and nine-month periods ended December 31, 2012 include a non-recurring expense of $1.4 million related to the acquisition of LesPAC.

The income analysis summary takes into consideration the impact of the acquisition of LesPAC network (“LesPAC”) completed on November 14, 2011.

RESULTS FOR THE THIRD QUARTER OF FISCAL 2013

For the third quarter of fiscal 2013, revenues totaled $15.1 million, an increase of 11.1% or $1.5 million compared to the third quarter of fiscal 2012 revenues of $13.6 million.

The revenue increase is mainly explained by the increase in revenues from LesPAC for $1.9 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.2 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedges in place, generated a negative impact on revenues of $0.1 million during the third quarter of fiscal 2013.

Total operating expenses of the third quarter of fiscal 2013, including cost of revenues, reached $10.2 million, compared to $11.4 million for the third quarter of fiscal 2012. The decrease in operating expenses is mainly due to the $1.4 million transaction costs related to the acquisition of LesPAC incurred during the third quarter of fiscal 2012 while LesPAC activities added $1.0 million in operating expenses during the third quarter of fiscal 2013. Additional tax credits of $0.2 million were also recorded in the third quarter of fiscal 2013.

EBITDA totaled $6.2 million or 40.8% of revenues compared to $3.4 million or 24.6% of revenues during the third quarter of fiscal 2012.

Profit reached $3.5 million ($0.24 per share), compared to $1.0 million ($0.07 per share) recorded during the third quarter of fiscal 2012.

RESULTS FOR THE FIRST NINE MONTHS OF FISCAL 2013

For the first nine months of fiscal 2013, revenues totaled $46.2 million, an increase of 18.6% or $7.2 million, when compared to the first nine months of fiscal 2012 revenues of $39.0 million.

The increase is mainly explained by the increase in revenues from LesPAC by $8.6 million, partly offset by a decrease in revenues, in original currencies, in certain subsidiaries, amounting to a net amount of $0.8 million. Moreover, the changes in the value of the Canadian dollar compared to the U.S. dollar, combined with currency hedge in place, generated a negative impact on revenues of $0.3 million during the first nine months of fiscal 2013.

Total operating expenses of the first nine months of fiscal 2013, including cost of revenues, reached $31.2 million, compared to $29.8 million for the first nine months of fiscal 2012. The increase in operating expenses is mainly due to the increase in LesPAC activities for $4.8 million during the first nine months of fiscal 2013 partly offset by a decrease in professional fees (including the $1.4 million transaction costs related to LesPAC), lower salary expenses and additional tax credits.

EBITDA totaled $18.8 million or 40.7% of revenues compared to $11.8 million or 30.3% of revenues during the first nine months of fiscal 2012.

Profit reached $10.5 million ($0.75 per share), compared to $6.9 million ($0.50 per share) recorded during the first nine months of fiscal 2012.

CASH FLOW AND FINANCIAL POSITION

On December 6, 2012, the Company completed the sale, by way of a private placement, of 2 million common shares for gross proceeds of $35.0 million. The Company used the proceeds to repay in full the term loan and revolving credit facility.

As at December 31, 2012, the Company had $9.3 million of cash and cash equivalents and $60.0 million available on its unused revolving credit facility.

Operating activities generated $4.9 million of cash flows during the third quarter of fiscal 2013 compared to $5.4 million for the corresponding period of fiscal 2012.

During the first nine months of fiscal 2013, operating activities generated $12.9 million of cash flows compared to $9.2 million for the first nine months of fiscal 2012.

QUARTERLY DIVIDEND INCREASED TO $0.10 PER SHARE

The Board of Directors of Mediagrif approved a 11% dividend increase in the quarterly dividend of $0.09 per share and declared a quarterly dividend of $0.10 per share. The dividend is payable on April 15, 2013, to shareholders of record on April 2, 2013.

RECENT DEVELOPMENT

We have been informed by our client, Public Works and Government Services of Canada (“PWGSC”), that it will not call for tenders in order to replace the MERX solution. The department uses MERX’s electronic tendering system pursuant to a contract which expires May 31, 2013.

PWGSC plans to provide its suppliers with a solution developed internally. Suppliers of PWGSC, as well as those of other departments and governmental agencies, may continue to benefit from all the value added services of MERX.

The Company believes that the loss of a portion of the revenue from the expiration of this agreement will be compensated, among other things by:

Providing the services of MERX to all suppliers and other departments and agencies that are currently using MERX.
The increase activity generated by the use of MERX by our public and private sector clients in Canada.

Yellow Media reports Q4 12 financial results

Brian Blum — Tue, 05 Feb 2013 17:13:07 +0000

Yellow Media Limited Reports Fourth-Quarter 2012 Financial Results

Recapitalization becomes effective and is implemented on December 20, 2012, upon which a new Board of Directors was appointed
Company remains focused on the execution of its Yellow PagesTM 360° Solution strategy, with digital revenues representing approximately 38% of total revenues
Company reports free cash flow of $48.0 million and $198.3 million for the 2012 fourth quarter and fiscal year, respectively

Montreal (Quebec), February 5, 2013 — Yellow Media Limited (TSX: Y) released its fourth-quarter and full-year results today, ending 2012 with a stronger capital structure and continued progress on its business transformation.

On July 23, 2012, Yellow Media Limited proposed a recapitalization transaction (the “Recapitalization”) aimed at significantly reducing the Company’s debt and improving its maturity profile, with new debt first maturing in 2018. The Recapitalization aligns the Company’s capital structure with its operating strategy, providing it with the necessary financial flexibility to invest in its digital transformation.

The Recapitalization was approved by the requisite majority of its debtholders and shareholders on September 6, 2012. A settlement was later reached with the lenders under the Company’s senior unsecured credit facility on December 10, 2012.

The Quebec Superior Court issued its final order and approved the Recapitalization on December 14, 2012. Closing and implementation of the Recapitalization occurred on December 20, 2012.

“The completion of the Recapitalization allows us to accelerate our business transformation into an industry-leading, technology and digitally-focused marketing solutions company,” said Marc P. Tellier, President and Chief Executive Officer of Yellow Media. “We plan to provide superior value to Canadian businesses by offering smarter, simpler ways to manage their digital marketing needs and grow their customer base.”

Board of Directors

Pursuant to the implementation of the Recapitalization on December 20, 2012, a new Board of Directors of Yellow Media Limited was appointed and is comprised of Craig Forman, David A. Lazzarato, David G. Leith, Robert F. MacLellan, Judith A. McHale, Martin Nisenholtz, Kalpana Raina, Michael G. Sifton and Marc P. Tellier. Robert F. MacLellan will serve as Chairman of the Board of Directors.

The new Board of Directors brings forth extensive expertise within the online, media and communications industries necessary to further accelerate the Company’s digital transformation, alongside corporate finance, capital markets and corporate development.

Lenders under the Company’s senior unsecured credit facility are currently in the process of proposing a nominee for the Board of Directors, who will also be a member of the Audit Committee. The nominee is subject to approval from the Board of Directors.

Full Year 2012 Results

Revenues in 2012 decreased 16.6% to $1.11 billion, compared to $1.33 billion last year. The decline is due principally to lower print revenues, the discontinuation of duplicate directories published by Canpages, the divestiture of LesPAC.com in November 2011, and the sale of Deal of the Day in August 2012. On a comparable basis, excluding the impact of the changes to the Canpages business, the LesPAC.com divestiture, the sale of Deal of the Day, and YPG USA, revenues decreased by 11.9% versus last year’s results.

Online revenues in 2012 grew to $367.2 million compared to $346.1 million the year prior, representing growth of 6.1%. On a comparable basis, excluding the impact of the changes to the Canpages business, the LesPAC.com divestiture, the sale of Deal of the Day, and YPG USA, online revenues grew 15.7% versus the same period last year. Online revenues represented approximately 38% of total revenues during the fourth quarter of 2012, compared to 29% in 2011.

As at December 31, 2012, the number of advertisers, excluding Canpages, was 309,000. During the year, the Company experienced an advertiser renewal rate of 86% and acquired approximately 17,000 new advertisers.

“Our business continues to experience a decline in revenues, as online growth is currently unable to fully compensate for print revenue pressure. This trend was expected, and we do not anticipate it to reverse in the near future. We’re focused on delivering long-term value through improvement of services to larger advertisers, as well as on the successful execution of our 360o Solution. Our Yellow Pages 360o Solution addresses Canadian small to medium-sized enterprises’ fundamental need to generate valuable leads to grow their business,” continued Tellier.

EBITDA declined from $679.7 million in 2011 to $570.6 million in 2012, mainly attributable to print revenue pressure. The EBITDA margin for the year remained stable at 51.5%, compared to 51.1% last year. EBITDA margins are reflective of lower margins associated with our growing digital products, offset by the impact of our significant cost containment initiatives.

Free cash flow for the year decreased from $275.2 million in 2011 to $198.3 million, mainly attributable to lower EBITDA.

For the fiscal year ending December 31, 2012, the Company recorded a net loss of $2.0 billion. The net loss was affected by an impairment charge of $3.3 billion on our goodwill, and certain of our intangible assets and property, plant and equipment. This impairment charge was partly offset by a gain on settlement of debt pursuant to the Recapitalization of $978.6 million. In 2011, the Company recorded a net loss from continuing operations of $2.7 billion, which was impacted by a $2.9 billion goodwill impairment charge and a $50.3 million impairment of investment in associate.

For the fiscal year ending December 31, 2012, net earnings before impairment and the gain on settlement of debt decreased to $189.5 million, compared to net earnings from continuing operations before impairment of $222.8 million in 2011. Net earnings per share before impairment and gain on settlement of debt was of $6.02 for 2012, compared to net earnings per share from continuing operations before impairment of $8.98 last year.

Fourth Quarter 2012 Results

Fourth quarter revenues were $264.4 million, as compared to $313.3 million in the last quarter of 2011, mainly due to lower print revenues, the discontinuation of duplicate directories published by Canpages, the divestiture of LesPAC.com, and the sale of Deal of the Day. On a comparable basis, excluding the impact of the changes to the Canpages business, the LesPAC.com divestiture, the sale of Deal of the Day and YPG USA, fourth quarter revenues decreased by 9.7% versus last year’s results.

Online revenues for the quarter were $99.7 million, as compared to $89.9 million in the last quarter of 2011. On a comparable basis, excluding the impact of the changes to the Canpages business, the LesPAC.com divestiture, the sale of Deal of the Day and YPG USA, fourth quarter online revenues grew by 20.9% versus last year’s results.

EBITDA for the fourth quarter declined from $147.2 million in 2011 to $141.6 million, mainly attributable to print revenue pressure. The EBITDA margin for the quarter increased to 53.5%, as compared to 47.0% last year, as a result of various cost containment initiatives.

Free cash flow for the fourth quarter decreased from $78.2 million in 2011 to $48.0 million in 2012. The decrease was due to a lower EBITDA and higher cash interest paid pursuant to the Recapitalization, partly offset by lower cash taxes.

During the fourth quarter of 2012, the Company recorded net earnings of $823.5 million. When adjusting for the $300 million impairment charge related to certain of our intangible assets and property, plant and equipment, alongside the gain on settlement of debt, the Company recorded net earnings of $24.0 million. This compares to net earnings from continuing operations of $48.2 million recorded in 2011.

Net earnings per share before impairment and gain on settlement of debt was of $0.70 during the fourth quarter of 2012, compared to net earnings per share from continuing operations of $1.53 last year.

Successful Execution of Yellow Pages 360° Solution

Launched in 2011, Yellow Pages 360° Solution offers Canadian small to medium-sized enterprises (“SMEs”) dedicated single-point access to a comprehensive suite of products and services. Its value proposition resides in how customers can access expert support and visibility through online, mobile and print media platforms, in addition to services such as managed website services, customized search engine marketing and search engine optimization, and performance reporting tools such as Yellow PagesTM Analytics.

As at December 31, 2012, the advertiser penetration of YPG’s 360o Solution (defined as advertisers who subscribe to three product categories or more) was 16.5% compared to 5.5% at the end of the same period last year.

In order to further expand its product and service offering, the Company established a High Priority Accounts (“HPA”) program in early 2012 to best serve the needs of larger advertisers. Fully deployed across the country, the HPA program is aimed at mitigating revenue risk and optimizing revenue growth of larger advertisers through a differentiated product and servicing model. A comprehensive advertiser profiling methodology is currently in place to guide the evaluation of account needs and opportunities through the review of Yellow Pages Analytics results, website audits and competitive rankings, search engine marketing estimates, and social media and search engine reviews. This profiling is also followed by the definition of an appropriate strategy, determined by the sales representative, sales manager and performance marketing advisor.

Mediative is also supporting YPG’s efforts to best serve the needs of larger advertisers through a new product line called Digital PowerPlay. Introduced during the third quarter of 2012, Digital PowerPlay establishes and optimizes a business’ digital presence by determining the necessary steps to maximize qualified leads across various digital channels while offering the highest level of service and support.

To promote and demonstrate the relevance of the Company’s digital tools, platforms and expertise in connecting consumers with businesses, YPG launched a new ad campaign in the fourth quarter of 2012. The campaign focuses on “Meet the New Neighborhood,” and communicates the Company’s ability to address the societal, cultural and technological trends that have changed the way consumers and local businesses find and interact with one another.

Continued Growth in Mobile

Mobile remains a growing component of the Yellow Pages 360o Solution product suite. As at December 31, 2012, the Company had approximately 24,600 Canadian SMEs purchasing mobile products, representing approximately 46,600 mobile units.

YPG’s mobile applications continue to earn positive industry recognition. The Company was awarded “Best in Digital Advertising” at the 2012 Digi Awards for a mobile contest which promoted the deals feature on the YellowPages.caTM mobile application. The award marks the second Digi Award for YPG, having won “Best in Mobile” at last year’s event for the location-based services of the YellowPages.ca mobile application.

In an effort to further enhance its mobile offering to advertisers, the Company launched two new mobile products during the fourth quarter of 2012: Mobile Sponsored Placement Prestige and Mobile Placement Leader. Mobile Sponsored Placement Prestige secures maximum, exclusive visibility for business listings by offering larger displays and ensuring listings appear in the top spot of mobile search results. Mobile Placement Leader also promotes enhanced visibility by positioning business listings within a search’s top five results.

Proving Advertiser Value through an Enhanced User Experience

To promote increased traffic across its network of properties and provide valuable business leads to Canadian advertisers, YPG continues to invest in the online user experience. YPG’s network of sites currently reaches 9 million unduplicated unique visitors, representing 32% of Canada’s online population.

During 2012, the Company improved the search engine optimization of YellowPages.ca to ensure increased indexation on search engines. YPG also launched a redesigned Canpages.caTM website based on the concept of “Life Around Me.” The website proposes a new user experience, focusing on the user’s geographic location and life needs within the context of a local search.

The Company’s mobile applications also continue to grow in popularity, with total downloads having exceeded 5 million by year-end 2012. This compares to 3.7 million downloads at the same period last year.

In 2012, the YP.ca application was fully redesigned to include more user relevant content, including quick access to relevant groupings of business listings and neighborhood deals pertaining to the user’s search category. The YP.ca application continues to rank high among productivity applications, and was selected as one of Apple’s “Best of 2012”.

The ShopWiseTM mobile application was also enhanced in 2012 to include improved content and functionalities. Innovations included the integration of a product catalogue featuring more than seven million items, and a list of 600 local and national retailers. The product and merchant data stemmed from a partnership with Shoptoit, whereby the Shoptoit platform was fully integrated into the ShopWise application. Shoptoit is currently one of the leading shopping search engines in Canada.

Since its initial launch in late 2010, YellowAPI.com has embodied YPG’s digital leadership and gained industry recognition, having enrolled over 2,500 application developers. These developers generate visibility to Canadian advertisers by powering their mobile applications with valuable content from YPG’s database of 1.5 million business listings.

In the fourth quarter of 2012, YPG and Yahoo! Canada announced they had expanded their six-year partnership to provide Yahoo! Canada users with an enhanced local search experience. Through YPG’s YellowAPI technology and database of business listings, Yahoo! Canada users now have access to local business information based on their point of location. Partnering with Yahoo! Canada enables YPG to significantly extend its advertisers’ reach on a platform outside its network of properties.

Mediative

Mediative is a leading Canadian digital media advertising company, offering extensive display, mobile and other location-based marketing solutions to national advertisers. Reaching approximately 16.5 million unique visitors per month, Mediative’s online ad network matches advertisers with the websites of premium online brands.

During 2012, Mediative enhanced its location-based offering with the launch of a flexible mobile advertising network enabling advertisers to reach consumers based on their intent to buy. In addition to providing broad and flexible local-based targeting options via connections to multiple ad exchanges, Mediative also offers a premium network of 20+ mobile-enabled sites and applications to help marketers reach specific audiences.

Capital Structure

As at December 31, 2012, Yellow Media had approximately $782 million of net debt. This compares to $2.1 billion of net debt and preferred shares (Series 1 and 2) as at December 31, 2011.

The net debt to Latest Twelve Month EBITDA ratio as at December 31, 2012 was 1.4 times compared to 2.5 times as at December 31, 2011 respectively.

Pursuant to the Recapitalization, the Company currently has outstanding:
• $800 million face value of 9.25% Senior Secured Notes maturing November 30,

2018;

$107.5 million face value of Senior Subordinated Unsecured Exchangeable Debentures due November 30, 2022, with interest payable in cash at 8% or in additional debentures at 12%;
27,955,077 New Common Shares
2,995,506 Warrants.
The Senior Subordinated Unsecured Exchangeable Debentures, New Common Shares and Warrants are currently trading on the Toronto Stock Exchange under the following symbols:
- Senior Subordinated Unsecured Exchangeable Debentures: YPG.DB
- New Common Shares: Y
- Warrants: Y.WT
  Details of the Recapitalization are currently available on SEDAR (www.sedar.com) and the Company’s website (http://www.ypg.com/en/investors/recapitalization-transaction).

Investor Conference Call

Yellow Media Limited will hold an analyst and media call at 1:30 p.m. (Eastern Time) on February 5, 2013 to discuss the fourth quarter and full year 2012 results. The call may be accessed by dialing (416) 340-2218 within the Toronto area, or 1 866 226-1793 outside of Toronto.

The call will be simultaneously webcast on the Company’s website at

http://www.ypg.com/en/investors/financial-reports/2012/quarterly-reports/fourth-quarter.

The conference call will be archived in the Investor Center of the site at www.ypg.com. A playback of the call can also be accessed from February 5 to February 12, 2013 by dialing (905) 694-9451 within the Toronto area, or 1 800 408-3053 outside Toronto. The conference passcode is 3875901.

About Yellow Media Limited

Yellow Media Limited (TSX: Y) is a leading media and marketing solutions company in Canada. The Company owns and operates some of Canada’s leading properties and publications including Yellow PagesTM print directories, YellowPages.caTM, Canada411.ca and RedFlagDeals.comTM. Its online destinations reach 9 million unique visitors monthly and its mobile applications for finding local businesses and deals have been downloaded over 5 million times. Yellow Media Limited is also a leader in national digital advertising through Mediative, a digital advertising and marketing solutions provider to national agencies and advertisers. For more information, visit www.ypg.com.

Dealer.com wins 2 of 5 Google AdWords SMB Partner awards

Admin — Sat, 19 Jan 2013 00:21:15 +0000

Google Names Dealer.com Winner Of Two North America Premier SMB Partner Awards

Wins in “Best in Quality Accounts” and “Display & YouTube Champion” Categories

BURLINGTON, Vt., Jan. 18, 2013 /PRNewswire/ — Dealer.com has been named the North American “Best in Quality Accounts” and “Display & YouTube Champion” by Google’s AdWords™ Premier SMB Partner (PSP) program. The awards are an extension of the program, which connects Google’s AdWords partners with small- and medium-sized businesses seeking expertise to create, manage and optimize their online advertising campaigns.

“We are honored to be recognized by Google for our deeply integrated approach to online advertising,” said Dealer.com’s CEO, Rick Gibbs . ”These awards validate our years of experience and execution of product strategy to build the most comprehensive platform for the auto industry.”

Google’s PSP awards honor AdWords partners who showcase excellence in online advertising campaigns. This year, Dealer.com has been awarded in two of the five award categories, which include: Best in Quality Accounts, Largest Increase in Active Advertiser Base, Mobile Champion, Display & YouTube Champion and Highest Customer Satisfaction. Sixteen of Google’s North America AdWords PSP partners across numerous verticals were considered for each of the awards categories.

The Google AdWords Premier SMB Partner Program (PSP) connects Google’s trusted and experienced AdWords partners with small- and medium-sized businesses that want expert help in creating, managing and optimizing their online advertising campaigns. In addition to in-depth AdWords expertise, PSP partners provide full-service campaign management, detailed reporting, one-on-one customer support, and broad marketing guidance to help advertisers make the most of their campaigns.

Premier SMB Partners meet Google’s highest standards and criteria for qualification, transparency, and customer service, which include completing extensive Google product and account management training. This ensures they can provide small businesses with the most effective AdWords advertising solutions.

For more information about the Google AdWords Premier SMB Partner program, visit: http://www.google.com/ads/premiersmbpartner/

About Dealer.com
Dealer.com is the automotive industry’s leading provider of streamlined and intuitive solutions for managing dealership marketing and operations. The company’s platform-based Inventory, Advertising, Website and CRM products allow OEMs, dealer groups, retail and agencies to leverage innovative technology to relevantly connect to their customers. The company’s unique commitment to culture, with a focus on health and wellness, have made it one of the most desirable places to work. For more information on Dealer.com can be found atwww.dealer.com.

SOURCE Dealer.com

RE/MAX Canada launches revised website with social and mobile features

Brian Blum — Mon, 31 Dec 2012 17:41:06 +0000

Mississauga, ON. (November 28, 2012) – RE/MAX continues to spearhead the evolution of real estate, responding to changing consumer needs with the introduction of a new state-of-the-art website.

The new REMAX.ca showcases the most extensive selection of homes listed for sale by RE/MAX and co-operating brokers (through CREA’s new Data Distribution Facility), giving consumers greater choice when shopping for real estate from coast-to-coast. The new site also has numerous interactive capabilities not currently found on Canadian real estate websites. Those capabilities allow consumers to log on to REMAX.ca from their social/local or mobile device and compare properties, tag favorites, and share listings with others. The site is also custom-tailored to individual tastes and desires, offering timely and relevant content that matters, including suggested new properties, as well as alerts on new listings, price changes, and open houses.

“Moving to a cutting-edge website developed in responsive design will allow consumers to connect with us on whatever device they choose,” says David Brown, Executive Vice President, RE/MAX Promotions. “The mobile version of REMAX.ca is of particular interest because it enhances the customer experience through features such as ‘new properties near me’, driving directions, and the ability to share through social media channels. Ultimately, those qualities, combined with the enhanced search engine optimization, will serve to simplify the buying and selling process for today’s real estate consumer.”

Outstanding visual design, simple, clean and clear layout and navigation complete the perfect package. The user-friendly, feature-loaded site is the result of integrated feedback, following a comprehensive consumer research process. The technology caters to the ever-accelerating speed of business and evolving consumer appetites, providing critical information when, where and how it’s wanted.

“Consumers overall are definitely more savvy and sophisticated,” says Brown. “Their needs are more complex. When re-booting REMAX.ca, we were adamant that how we respond needs to be more multi-faceted and adaptive. This was an ideal opportunity to provide greater choice and an improved level of service in the marketplace, and we’re certain that it will be well-received. REMAX.ca is the most-visited real estate website in Canada after MLS.ca, but this will be a significant leap forward.”

On the other side of the transaction, the new site will lead to better connectivity between RE/MAX realtors and potential clients, and result in increased visibility for realtors in their specific service areas. It will also drive enhanced lead generation, both in terms of quantity and quality, fuelling business and bolstering productivity.

“The bottom line is we’re advancing the consumer experience, our network, and the industry overall,” says Brown. “As a company, it’s not enough to talk to the talk—we’re invested. We’re seriously committed to bringing positive change to the forefront, and this is just the beginning.”

RE/MAX is Canada’s leading real estate organization with over 19,900 sales associates situated throughout its more than 748 independently-owned and operated offices in Canada. The RE/MAX network, now in its 39th year, is a global real estate system operating in 91 countries, with over 6,330 independently-owned offices and 88,983 member sales associates. RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.

DealerRater’s Powerful New 360Certified Program Launches in Canada

Brian Blum — Mon, 31 Dec 2012 17:22:11 +0000

WALTHAM, Mass. – December 18, 2012 - DealerRater, the world’s premier

car dealer review web site, today announced Canadian availability of
its comprehensive online reputation and social monitoring platform,
360Certified™. The premium platform is now available to new dealership
customers as well as an upgrade for existing Certified Dealers
throughout Canada.

360Certified is the premium level of DealerRater’s popular Certified
Dealer Program. In addition to the full suite of review-gathering and
leveraging tools included in the basic Certified Dealer Program,
360Certified offers car dealerships a comprehensive online reputation
and social monitoring platform. The 360Certified expanded tool kit,
featuring DealerRater’s proprietary 360 Dashboard, enables car dealers
to efficiently monitor reviews across the Web, improve their
dealership’s online visibility for potential customers, and better
track and promote their efforts on social media sites. The
360Certified platform also automates the gathering and filtering of
consumer sentiment from across the Web allowing dealers to focus on
promoting quality customer service and building a superior reputation.

Dealers enrolled in 360Certified are also able to promote positive
reviews and ratings from DealerRater as well as additional sources
such as Google+ Local, Yelp and Yahoo! Canada on their dealership site
and Facebook fan page by means of DealerRater’s testimonial review
feed tools. Dealers can select the number of reviews to feed, set a
minimum star rating for inclusion of reviews in the feed, and take
advantage of a select/deselect functionality to further customize the
mix of content that is displayed.

“360Certified is the most comprehensive online reputation and social
media monitoring platform available to auto dealers and we are pleased
to now offer this premium product to our Canadian dealer partners,”
said Chip Grueter, president of DealerRater. “We remain committed to
providing dealerships throughout North America with a robust suite of
tools for building and maintaining a superior reputation as well as
fostering their journey toward total control of their online presence
– and 360Certified offers dealers just that.”

DealerRater’s 360 Dashboard provides dealers with a complete snapshot
of the dealership’s online reputation, Web visibility and social media
efforts. This single dashboard view enables a quick and comprehensive
examination of all of the relevant and critical components for
maintaining a positive and profitable online presence. 360Certified
has an all-inclusive set of features and drill-down functionality so
dealers can save time while ensuring a positive online presence.

A customized product demo of 360Certified can be arranged for
prospective or existing Certified Dealer partners by contacting
DealerRater at 800-266-9455.

AutoTrader.ca updates IOS app

AIMGroup — Wed, 15 Aug 2012 17:06:07 +0000

AutoTrader.ca Rolls Out Enhanced IOS app

Marketwire Canada

Editors Note: There are three photos associated with this Press Release.

AutoTrader.ca today announced a major update to its free mobile app for IPhone and IPad (IOS) devices. The app is designed to provide Canadians the functionality to find the right vehicle for them on the go as easily as possible and in fact, to date, over half a million Canadians have downloaded the existing AutoTrader.ca IOS app. Now enhanced, the app has been consistently awarded a 4.5 stars out of 5 rating, with users praising the speed, ease of use, locational intelligence and reliability of the app. Available via the Apple Appstore, over 50 per cent of users browse the cars for sale in the app every day. And with over eight thousand customer reviews, these enhancements have been created based on customers’ needs and feedback.

AutoTrader.ca is blazing a trail in the mobile industry, already welcoming as much as 20 per cent of its traffic via mobile or tablet devices, and the brand predicts this will only grow as Canadians become more and more reliant on their mobile devices.

“The goal of AutoTrader.ca’s mobile app is to provide Canadians with a new and ultra-convenient way to browse The Most Cars In One Place,” said Ian MacDonald, Director, Marketing. “Existing reviews show that we understand what the modern car buyer wants from an app, but now we are taking the experience a step further, based on feedback we have received via social channels such as twitter, and reviews in the Appstore itself.”

Consumers continue to have access to the largest automotive inventories in Canada, right from the palm of their hand. In addition to the user-friendly interface, that includes fast and easy browsing, proximity-based search, quick save and simple contact features, the app has been enhanced to include the following:

1. Ad upload – making it easier than ever for people to list their car for free on AutoTrader, using the IOS camera, users can scan the VIN of their vehicle to pre-populate their ad details and then select photos from their device photo library. Without the hassle of transferring pictures from a camera to a computer, or searching around for the exact specs of a car, selling has never been easier. 2. New vehicle categories, including Motorcycles, RVs, trucks, and more, making the app the complete one-stop shop for vehicle browsing. 3. Enhanced filtering system including filter for ads with pictures only and ads with a price listed only, as well as filters for colour, mileage and more. So users can get to the search results they want, fast. 4. An all-new map to show the sellers location (only for dealer locations, not for private sellers) making it easy to plan that route to go and see the car in person. 5. All-new ‘Report Abuse’ link on all ads, so that the community of users can help keep things safe and efficient for everyone by reporting misleading ads, scam ads, miscategorised ads and duplicates. 6. Sharing and feedback – it’s been made easier than ever for users to provide their feedback, by having links which launch an email prepopulated to be routed to our development team. Users can also now share a link to the app with their friends via an easy email button.

To view the photos associated with this press release, please visit the following links:

http://www.marketwire.com/library/20120815-aT_1iOS_LG.jpg

http://www.marketwire.com/library/20120815-aT_2iOS_LG.jpg

http://www.marketwire.com/library/20120815-aT_3iOS_LG.jpg

SOURCE: AutoTrader.ca

DDB Public Relations

Gabrielle Totesau

416.963.4539

gabrielle.totesau@can.ddbpr.com

DDB Public Relations

Erin Bodley

416.963.4297

erin.bodley@can.ddbpr.com

AutoTrader.ca: Used-car prices rise as the temperatures do

AIMGroup — Tue, 17 Jul 2012 18:06:06 +0000

TORONTO, ONTARIO — (Marketwire) — 07/17/12 — With Canadians looking for ways to beat the heat this summer, the lure of driving a luxury car with the top down may have car-buyers making impulsive purchases that help their tan but hurt their pocketbook. According to new data findings from AutoTrader.ca, the average asking price of used cars rose in the second quarter of 2012. Lower new car purchases and lease agreements in past years now affecting the supply of cars entering the pre-owned marketplace are amongst the factors driving a rise in used car asking prices. This, coupled with price fluctuations based on region, age of car and model or make, may leave hasty Canadians eager to get behind the wheel of a convertible feeling a little burned.

AutoTrader.ca tracked the advertised price of more than 230,000 used vehicles on the AutoTrader.ca website and found that the average asking price had increased quarter-on-quarter by more than 1.2 per cent. The asking price for most luxury models rose higher than average, with popular cars such as the BMW 3 series rising 4.26 per cent – a jump of $848.40.

“In harnessing the AutoTrader.ca data, we can see that there are many factors that can affect the average residual values of used luxury vehicles, so we advise both buyers and sellers to do their research when entering the market to discover what the current going rate is for a particular type of model in their province,” says Ian MacDonald, Director, Consumer Marketing, Trader Corp. “We want to make sure that Canadians are making informed decisions on the value of the cars for sale in Canada they may be considering buying, instead of being blind-sided by a spike in price that may normalize or even lower a few months from now. The best way to do this is to scour and aggregate the market quickly using tools such as our ‘Value Finder’.”

However complex the used car-buying landscape may seem, using tools such as the AutoTrader.ca Value Finder can help car-buyers to navigate pricing fluctuations and estimate a cars value – providing an easy to understand graph of age ranges, mileage and asking price spread of any model based on over 230,000 actual live used car listings. This can help the consumer make an informed decision on the value of their dream car. For example, whilst the average asking price rose, the Audi A4 asking price shrunk by 1.18 percent quarter-on-quarter ($239.78), while the Mercedes Benz SL500 pricing dropped 3.9% per cent, providing $1,319 in savings. Some marques saw little change, with the popular BMW Z4 roadster now going for just 0.1% less than it was 3 months ago. The findings also revealed that used car asking prices in Alberta were the highest amongst all Canadian provinces with an increase of 5.94 per cent, while the Quebec used car market saw a much more modest rise of just 0.14 per cent.

With luxury vehicles not top-of-mind for every car-buyer this summer season, the data also showed great deals to be had in other categories for the observant buyer, with used models such as the Ford Focus dropping 1.9 per cent. The results also showed that certain models fluctuate depending on region, such as the Ford F150 asking price growing 5.69 per cent in Alberta but just 3.5 per cent in Manitoba. The average asking prices of the Ford F150 for sale were also over 14% lower in Manitoba than in Alberta.

About AutoTrader

Trader Corp. is a trusted Canadian leader in online media, managing automotive consumer marketplaces and publications. The company’s primary online destinations include: AutoTrader.ca™, AutoHebdo.net™, Autos.ca and BuySell.com.

AutoTrader.ca offers The Most Cars in One Place™, with the largest inventory of new cars and inventory of used cars in Canada, available via our website and mobile applications. Visitors buy or sell cars, trucks or other motorized vehicles quickly, easily and conveniently. Buyers can search based on vehicle model, make, colour and geographic location to find the deal that is right for them. Autos.ca is the online destination for auto enthusiasts, featuring car news and car reviews from well-known automotive journalists. Follow AutoTrader.ca on Facebook at http://www.facebook.com/AutoTraderCanada or on Twitter at http://twitter.com/autotrader_ca.

Contacts:
DDB Public Relations
Erin Bodley
416.963.4297
erin.bodley@can.ddbpr.com

Canoe.ca publisher Quebecor reports Q1 2012 results

AIMGroup — Thu, 17 May 2012 16:07:25 +0000

Published May 17, 2012

*MONTRÉAL, QUÉBEC–(Marketwire – May 9, 2012) -* Quebecor Inc. (“Quebecor” or the “Corporation”) (TSX:QBR.A)(TSX:QBR.B) today reported its consolidated financial results for the first quarter of 2012. Quebecor consolidates the financial results of its Quebecor Media Inc. (“Quebecor Media”) subsidiary, in which it holds a 54.7% interest.

*First quarter 2012 highlights*

- Revenues: $1.06 billion, up $73.5 million (7.4%) from the first quarter of 2011.

- Operating income:1 Up $27.9 million (9.5%) to $322.2 million.

- Net income attributable to shareholders: $72.9 million ($1.15 per basic share), up $38.6 million ($0.62 per basic share) from $34.3 million ($0.53 per basic share) in the first quarter of 2011.

- Adjusted income from continuing operations:2 $39.3 million ($0.62 per basic share), up $3.4 million ($0.06 per basic share) from $35.9 million ($0.56 per basic share) in the first quarter of 2011.

- In the first quarter of 2012, Videotron Ltd. (“Videotron”) recorded substantial revenue increases from Internet access services ($23.0 million or 13.7%), cable television service ($22.4 million or 9.1%), mobile telephony service ($16.9 million or 81.6%), and cable telephony service ($4.4 million or 4.1%). The Telecommunications segment’s operating income was up $48.5 million (19.1%).

“Quebecor’s revenues and operating income increased 7.4% and 9.5% respectively in the first quarter of 2012, once again reflecting the Telecommunications segment’s sustained performance,” said Pierre Karl Péladeau, President and Chief Executive Officer of Quebecor. “Revenues increased significantly for all of Videotron’s main services, driving the Telecommunications segment’s operating income up $48.5 million or 19.1% from the first quarter of 2011. The number of subscriber connections to the mobile telephony service stood at 312,800 as of March 31, 2012, an increase of 22,200. Videotron also announced the launch of illico TV new generation, featuring an entirely new interface for accessing digital services, and innovative functionalities that support smoother and more intuitive navigation. Videotron continues to reinvent its services in order to deliver a consistently superior customer experience to subscribers.

“Another highlight of the first quarter of 2012 was the 2012 season of *Star Académie*, broadcast on the TVA Network. The program has become a Québec institution and has positive ripple effects across Quebecor Media’s properties. The weekly galas were seen by an average of 2.2 million viewers and the *Star Académie 2012* CD has sold more than 125,000 copies to date, topping the Canadian French-language charts. The show and its tie-in products have achieved very important penetration in the Québec French-language market.

“In the News Media segment, the Canoe network logged 10.5 million unique visitors in March 2012, up 12.9% from December 2011,3 because of Sun Media Corporation’s successful new approach for the websites of its urban dailies and community newspapers. This new milestone confirms Canoe’s strong position in the Canadian marketplace. In Québec, it now ranks second, just behind behemoth Google. 1 *See* “Operating income” under “Definitions” 2 *See* “Adjusted income from continuing operations” under “Definitions” 3 Source: comScore Inc., Properties category, home/work, Canada

“The new exclusive agreement to distribute the Sears Canada Inc. national flyer in the Le Sac Plus door-knob bag, that will be supported by a multiplatform media campaign in all our media properties, is another example of the complementary fit among our multiproduct offerings. Meanwhile, Quebecor MediaPages™ launched the *videotron.smartfind.ca* and * videotron.trouvetout.ca* search engines, a new web and mobile platform that supports consumer searches for local merchants. Finally, Sun Media Corporation launched four new community weeklies in Ottawa, Windsor, Kitchener-Waterloo and Guelph, which will reach more than 400,000 Ontario households.

“However, the financial results of the News Media and Broadcasting segments continued to be adversely affected by the impact of increased competition and the economic environment for the advertising market, as well as the significant capital expenditures required for the launch of new products and services.

“In the Leisure and Entertainment segment, Archambault Group Inc. (“Archambault Group”) launched ZIK, a music streaming service that offers unlimited interactive access to more than 12 million tracks, including the largest selection of French-language music with 1.2 million titles. ZIK positions Archambault Group at the forefront of a technological, musical and cultural revolution. The service puts Québec culture and artists front and centre, while offering unique editorial content.

“Finally, in late March 2012, Quebecor Media and Québec City announced the finalization of the functional and technical program for the multipurpose arena to be built in Québec City. Construction is slated to begin in September 2012.

“This year, we are beginning to reap the fruit of our investments in our various businesses over the past three years, as the large increases in operating income and cash flows in our Telecommunications segment tend to indicate. The excellent first quarter results mark a positive start to 2012, a year that should see a number of attractive projects that hold considerable promise for the Corporation’s long-term development and profitability.” *Table 1* Quebecor first quarter financial highlights, 2008 to 2012 (in millions of Canadian dollars, except per share data) *2012*1 20111 20101 20092 20082 Revenues *$ 1,064.0* $ 990.5$ 948.1 $ 903.3$ 884.7 Operating income3 *322.2* 294.3 290.4272.2 256.7 Net income from continuing operations attributable to shareholders *72.9* 34.334.9 57.7 45.1 Net income attributable to shareholders *72.9* 34.334.9 57.7428.4 Adjusted income from continuing operations4 *39.3* 35.9 43.443.1 34.6 Per basic share: Net income from continuing operations attributable to shareholders * 1.15* 0.53 0.540.90 0.70 Net income attributable to shareholders*1.15* 0.530.54 0.90 6.66 Adjusted income from continuing operations4 *0.62* 0.56 0.67 0.670.54 1 Financial figures for the first quarters of 2010 to 2012 are presented in accordance with International Financial Reporting Standards (“IFRS”). 2 Financial figures for the first quarters of 2008 and 2009 are presented in accordance with Canadian Generally Accepted Accounting Principles (“GAAP”). 3 *See* “Operating income” under “Definitions” 4 *See* “Adjusted income from continuing operations” under “Definitions”

*2012/2011 first quarter comparison*

*Revenues: *$1.06 billion, an increase of $73.5 million (7.4%).

- Revenues increased in Telecommunications ($62.6 million or 10.7% of segment revenues), Broadcasting ($10.7 million or 10.0%), Interactive Technologies and Communications ($9.8 million or 36.6%), and Leisure and Entertainment ($5.7 million or 9.3%).

- Revenues decreased in News Media ($7.0 million or -2.9%).

*Operating income: *$322.2 million, an increase of $27.9 million (9.5%).

- Operating income increased in Telecommunications ($48.5 million or 19.1% of segment operating income) and Interactive Technologies and Communications ($2.1 million or 233.3%).

- Operating income decreased in News Media ($11.7 million or -41.3%), Broadcasting ($10.4 million) and Leisure and Entertainment ($0.9 million or -75.0%).

- The change in the fair value of Quebecor Media stock options resulted in a $4.7 million unfavourable variance in the stock-based compensation charge in the first quarter of 2012 compared with the same period of 2011. The change in the fair value of Quebecor stock options resulted in a $6.5 million unfavourable variance in the Corporation’s stock-based compensation charge in the first quarter of 2012.

- Excluding the impact of the consolidated stock-based compensation charge, the increase in operating income in the first quarter of 2012 would have been 13.5%, compared with a 5.9% decrease in the same period of 2011.

*Net income attributable to shareholders: *$72.9 million ($1.15 per basic share) compared with $34.3 million ($0.53 per basic share) in the first quarter of 2011, an increase of $38.6 million ($0.62 per basic share).

- The increase was due mainly to:

- $71.4 million favourable variance in gain on valuation and translation of financial instruments;

- $27.9 million increase in operating income;

- $8.4 million favourable variance in the charge for restructuring of operations, impairment of assets and other special items.

Offset by:

- $20.5 million increase in amortization charge;

- $14.5 million goodwill impairment charge recognized in the first quarter of 2012.

*Adjusted income from continuing operations: *$39.3 million in the first quarter of 2012 ($0.62 per basic share) compared with $35.9 million ($0.56 per basic share) in the first quarter of 2011, an increase of $3.4 million ($0.06 per basic share).

*Financing activities*

- In March 2012, Videotron issued US$800.0 million principal amount of 5% Senior Notes maturing in 2022.

- In March 2012, Videotron redeemed all of its 6 7/8% Senior Notes maturing in January 2014 in the aggregate principal amount of US$395.0 million.

- In March and April 2012, Quebecor Media redeemed US$260.0 million aggregate principal amount of its 7 3/4% Senior Notes maturing in March 2016 and settled hedging contracts.

- Quebecor Media and TVA Group Inc. (“TVA Group”) amended their bank credit facilities to extend the maturity dates to 2016 and 2017 respectively and added a new $200.0 million revolving credit facility “C” for Quebecor Media, maturing in 2016.

- Sun Media Corporation repaid the $37.6 million balance on its term loan credit facility and cancelled all its credit facilities.

*Dividends*

On May 8, 2012, the Board of Directors of Quebecor declared a quarterly dividend of $0.05 per share on Class A Multiple Voting Shares and Class B Subordinate Voting Shares, payable on June 19, 2012 to shareholders of record at the close of business on May 25, 2012. This dividend is designated to be an eligible dividend, as provided under subsection 89(14) of the *Canadian Income Tax Act* and its provincial counterpart.

Yellow Media Reports $3 Billion Quarterly Loss

AIMGroup — Thu, 17 May 2012 15:08:30 +0000

Published May 17, 2012

(Reuters) – Shares of telephone directory publisher Yellow Media Inc ( YLO.TO http://finance.yahoo.com/q?s=ylo.to) fell as much as 40 percent, after the company reported a C$2.9 billion quarterly loss and its print revenue slumped further.

The company, which has a market value of about C$72 million, had a net debt burden of about C$1.5 billion as of March 31. It has been trying to move its directory business away from print to an online model.

“The acceleration of the decline in revenue this quarter compared with the fourth quarter is going to continue, given it was caused by both a reduction in online growth and an increase in the pace of decline of print revenue,” said analyst Maher Yaghi of Desjardins Securities.

Yaghi, who has a “sell” rating on the stock, cut his price target to C$0.01 from C$0.15.

Digital accounts for about 30 percent of the Montreal-based company’s total revenue.

“We did expect the digital revenue growth to slow down … but we did not think it would go from what was 20 percent in the fourth quarter of last year to 7.8 percent now,” S&P credit analyst Madhav Hari said.

Standard & Poor’s Ratings Services in February lowered its long-term corporate credit rating on Yellow Media to “B-”.

“There is a heightened risk of a restructure of this company in a not-so-distant future,” Hari said. S&P could further downgrade Yellow Media in the near future as it still has the company on credit watch with negative implication, he said.

Shares of the company were trading down at 6.5 Canadian cents on Tuesday morning on the Toronto Stock Exchange. They touched a low of 6 Canadian cents.