Walnut announces MBSL merger
19 October 2004
Walnut Ventures, owner and operator of several Pay Per Click (PPC) internet search engines, has reported that it has signed a letter of intent to merge and combine operations with MBSL Group.
Florida-based MBSL Group, a publicly traded holding company, was established to acquire or strategically partner with firms who specialize in the transaction processing, financial services and hi-tech industries. The company's stock trades on the National Quotation Bureau.
The merger transaction is expected to close within four to six weeks, subject to the completion of due diligence and the approval of the board of directors and a majority of shareholders.
Walnut chief executive officer Dan O'Donnell said: "Because of the additional capital options afforded through the structure of a public company, we anticipate that this merger will play a significant factor in our strategy to grow our Internet businesses organically as well as through future acquisitions."
MBSL Group Chairman Frank McPartland added: "We believe Walnuts' Pay Per Click Search Engine business model is an ideal fit with our business strategy and feel that this deal coupled with our previously announced letter of intent to merge with Corporate Consulting Services, positions us well for rapid growth in multiple channels."
San Francisco-based Walnut owns a number of revenue producing internet search properties that operate in the same space as firms like Google (GOOG), Mamma.com. (MAMA), InfoSpace (INSP) and AskJeeves (ASKJ).
The firm has long-standing partnerships with the top PPC search results providers and has a unique competitive advantage via its meta-search technology, which provides users with "one-stop shopping" for the best search results offered throughout the internet.
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