RJM BV completed the acquisition of Weedmaps, LLC from SearchCore, Inc.

RJM BV entered into an agreement to acquire Weedmaps, LLC from SearchCore, Inc. for $11.8 million on December 11, 2012. As consideration for the sale, SearchCore, Inc. will receive a $3 million secured promissory note, a reduction of over $8 million in liabilities related to its obligations to previous SearchCore, Inc. principals, the assumption of its office lease in Newport Beach, California and $0.75 in cash. Of the cash portion of $0.75 million, $0.25 million will be paid on January 15, 2013. The transaction is subject to execution of support, security and non competition agreements, resignation of James Pakulis and Munjit Johal as Officers and Directors of Weedmaps, execution of asset sale of GMS to RJM. The transaction is expected to close on December 31, 2012. Brian A Lebrecht of The Lebrecht Group acted as legal advisor to SearchCore, Inc.

RJM BV completed the acquisition of Weedmaps, LLC from SearchCore, Inc. on December 31, 2012.