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Searchmetrics Inc. Implements Strategy to Secure Future; Receives Commitment for New Financing San Mateo, CA – [May 8, 2017] – Searchmetrics Inc., a leading search engine optimization (“SEO”) and online content development provider in the United States, announced today that it has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in Wilmington, Delaware, together with a proposed plan of reorganization that contemplates payment in full of all obligations recognized by the bankruptcy court. The implementation of the Company’s strategy will position the Company for future growth while supporting its customers and maintaining its business without interruption. The filing only includes the U.S. subsidiary with the support of its parent. A key component of the proposed plan is the swift and global resolution of two lawsuits against the Company, including a patent lawsuit and a trade secret lawsuit filed in California federal and state courts. “We have worked diligently to resolve the litigation against our company and now have a plan in place to quickly and efficiently address what we believe has been an unnecessary financial burden on Searchmetrics Inc., ” said Wayne P. Weitz, Chief Restructuring Officer of Searchmetrics Inc. “With the increased support from our parent company to successfully work through this process, Searchmetrics Inc. is confident in its ability to continue to meet our customers’ expectations and deliver the most progressive solutions available.” Shortly before filing its petition, the Company received a commitment for new financing from its parent company to be used to continue its business operations in the ordinary course and during the Chapter 11 process. This financing will ensure normal operations during the Chapter 11 process. Under the terms of the proposed plan, it is anticipated that creditors will receive payment in full on account of allowable claims. The Company anticipates completion of the process by early Fall. “Through the proposed plan and the other motions we filed today, we are able to ensure an expedited and orderly process to resolve all of the company’s obligations, including the litigation while maintaining normal day-to-day business operations. As always, we will remain firmly committed to our customers and on our business going forward, ” said Mr. Weitz. In conjunction with the petitions filed today, Searchmetrics Inc. filed various first-day motions specifically designed to allow the Company to continue to operate normally, including payment of wages and benefits to employees, authorization for funding and maintenance of cash management procedures, among others. Searchmetrics is being advised by EisnerAmper LLP and by Chipman, Brown Cicero & Cole LLP as its legal advisor. Media Contact: Douglas Bell; d.bell@searchmetrics.com |
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