Media.Net Advertising FZ-LLC signed a stalking horse purchase agreement to acquire substantially all assets of Local Corporation (OTCPK:LOCM.Q) for $3 million on October 5, 2015. Within two business days after the execution of the agreement, buyer shall deliver a deposit in an aggregate amount equal to 10% of the purchase price to the escrow agent, pursuant to an escrow agreement. In the event that the agreement is terminated by buyer or seller and in any event no later than two business days following the termination of the agreement, direct and cause the escrow agent to return the entire escrow amount to buyer. In the event the agreement is terminated by seller, escrow amount shall remain in the escrow account until such time as seller and buyer execute a joint written instruction to the escrow agent instructing the escrow agent to disburse all or any portion of such escrow amount or the escrow agent shall receive a final, nonappealable order directing the release of all or any portion of such escrow amount. JPMorgan Chase, N.A. acted as escrow agent. The deal is subject to approval from bankruptcy court. As of November 25, 2015, the deal has been approved by the Bankruptcy Court.

Dan Chen of Siemer & Associates, LLC acted as financial advisor and Garrick A. Hollander, Marc J. Winthrop, Garrick A. Hollander and Jeannie Kim of Winthrop Couchot PC acted as legal advisor for Local Corporation. Ashley McDow of Baker & Hostetler LLP and Jeffrey A. D. Cohen of Womble Carlyle Sandridge & Rice PLLC acted as legal advisor for Media.Net Advertising. Ashley McDow of Baker Hostetler acted as legal advisor for Media.Net Advertising. David B. Shemano of Robins Kaplan LLP acted as legal advisor to the committee of unsecured creditors.

Media.Net Advertising FZ-LLC completed the acquisition of substantially all assets of Local Corporation (OTCPK:LOCM.Q) for $3.1 million on December 1, 2015. Local Corporation has received, $2.8 million and remaining $0.31 million are deposited in an escrow account.