Perion Network Ltd. (NASDAQ: PERI) announced today that it amended the
term of its existing Google agreement to coincide with the expiration of
the current SweetPacks Google agreement on May 31, 2013.
“After discussions with Google, we jointly decided to extend the term of
our existing deal through the end of May,” said Josef Mandelbaum, CEO of
Perion. “Given our recent acquisition of SweetPacks, it made the most
sense to negotiate both agreements concurrently.”
“We continue to remain confident in our guidance for 2013, announced on
January 8th, of at least $110 million in revenue, $26 million
in EBITDA, $20 million in non-GAAP net income and approximately the same
for operating cash flow,” concluded Mr. Mandelbaum. "This will result in
non-GAAP EPS of at least $1.61, based on an average of 12.4 million
shares outstanding."
About Perion Network Ltd.
Perion Network, Ltd. (NASDAQ: PERI) is a global consumer internet
company that develops applications to make the online experience of its
users simple, safe and enjoyable. Perion’s three main consumer brands
are: IncrediMail, Smilebox and SweetIM. IncrediMail
is a unified messaging application enabling consumers to manage multiple
email accounts and Facebook messages in one place with an easy-to-use
interface and extensive personalization features, and is available in
over 100 countries in 8 languages; Smilebox
is a leading photo sharing and social expression product and service
that quickly turn life's moments into digital keepsakes for sharing and
connecting with friends and family, in a fun and personal way. SweetIM
is an instant messaging and Facebook application that enables
consumers to personalize their everyday communications with free, fun
and easy to use content. Perion products have had over 300 million
downloads to date with more than 50 million monthly unique visitors
across all of its brands. Most of Perion’s applications are monetized
through a freemium model. Free versions of our applications are
monetized primarily through our toolbar which generates search revenue
and display advertising revenue, generated through impressions. A more
advanced feature rich version of many of our products is available with
a premium upgrade. Perion also offers and develops a range of products
for mobile phones and tablets to answer its users' increasing mobile
demands. For more information on Perion please visit www.perion.com.
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995 with respect to the business, financial
condition and results of operations of the Company. The words “believe,”
“expect,” “intend,” “plan,” “should” and similar expressions are
intended to identify forward-looking statements. Such statements reflect
the current views, assumptions and expectations of the Company with
respect to future events and are subject to risks and uncertainties. In
addition, the financial information set forth in this press release is
not an indication of the future financial results of the Company
following the consummation of the acquisition. Many factors could cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking
statements, or financial information, including, among others, potential
litigation associated with the transaction, risks that the Company's
acquisition activities may disrupt current plans and operations and pose
difficulties in employee retention, risks entailed in integrating
acquired businesses, changes in the markets in which the Company
operates and in general economic and business conditions, loss of key
customers and unpredictable sales cycles, competitive pressures, market
acceptance of new products, inability to meet efficiency and cost
reduction objectives, changes in business strategy and various other
factors, whether referenced or not referenced in this press release.
Various other risks and uncertainties may affect the Company and its
results of operations, as described in reports filed by the Company with
the Securities and Exchange Commission from time to time, including its
annual report on Form 20-F for the year ended December 31, 2011. The
Company does not assume any obligation to update these forward-looking
statements.
Source: Perion Network Ltd.
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