CANADIAN PRESS -- May 24 -- Lemontonic, a networking software firm, is selling its online dating business for $15.2 million in shares of Silverback Media before merging with another company. The reorganization will be a non-arm's-length transaction. Lemontonic will then merge with Pioneering Technology. Pioneering has taken three products from concept to commercialization: the Battery Eliminator, the Safe-T-element and the Powergrill ignition system.
Mark Brooks: Some creative financing. Interesting they describe themselves as a 'networking software firm?' Lemontonic's Alexa rank is a semi-respectable 19k and growing (11k today).
Silverback Media was founded by Lemontonics chairmen a few weeks ago. Silverback media has signed a letter of intent to buy a UK dating site doing 5 million a year in revenues.
They are planning to raise 10 to 15 million canadian to pay for the aquisition, they are then going to issue shares of silverback media to buy out Lemontonic.
Poineering technology will then do a reverse takeover of the public shell of lemontonic.
There was a conference call yesterday by lemontonic where they discussed the above items.
Posted by: markus | May 27, 2005 at 03:17 PM
I wrote the Lemontonic software. Was lead developer. They screwed me and the other developers out of the 10 of thousands of shares. I assume this deal is to screw the existing shareholders to the benefit of the executives. Their Alexa ranking is in the same range as my blog. Considering they spent millions on advertising, that's a joke.
Posted by: Randy Charles Morin | Jun 02, 2005 at 12:07 PM
I invested thousands of dollars into lemontonic and NEVER got any disclosure statements or updates actually NOTHING regarding the company as I would have thought. I've tried to contact them and request a phone number to speak to someone, unfortunately they are probably just laughing their asses off while the people that put hard earned money into an idea that seemed very good put their hands under their asses! This is a horrible company and as much as I would like to state differently and see my stock go up so I can dump it on someone else, I'm just not that kind of person. DON'T BELIEVE ANYTHING OR EVEN WASTE YOUR TIME WITH THIS COMPANY. AFTER THIS EXPEREIENCE I WON'T TRUST ANY COMPANY THAT BUYS THEM TO MAKE CHANGES, I'M SURE THEIR ONLY READY FOR ROUND 2 OF THE SUCKERS.
~~~IT SUX TO BE A SUCKER!
BE FOREWARNED!
Posted by: R K | Jun 19, 2006 at 10:11 AM