MONTREAL, Aug. 21, 2018 /CNW Telbec/ - Yellow Pages
Limited (TSX: Y) (the "Company") announced today that its
wholly owned subsidiary Yellow Pages Digital & Media Solutions
Limited has entered into an agreement to sell the assets related to
the operation of its RedFlagDeals division to VerticalScope Inc.
for a value of $12 million payable in two $6 million tranches, the first on closing the
second upon meeting certain conditions. Closing of the
transaction should occur on or about August
22, 2018.
"The sale of the RedFlagDeals division frees up more resources
to devote to creating value and securing our core
business. Under the terms of our 10.00% Senior Secured Notes,
the net cash proceeds will be included in the next scheduled note
redemption payment, on November 30,
2018," said David A. Eckert,
President and Chief Executive Officer.
About Yellow Pages Limited
Yellow Pages Limited (TSX:
Y) is a Canadian digital media and marketing company that creates
local opportunities for buyers and sellers to interact and transact
in the local economy. Yellow Pages holds some of Canada's leading local online properties
including YP.ca, Canada411.ca, 411.ca and Bookenda.com.
The Company also holds the YP, YP Shopwise, YP Dine,
Canada411 and 411 mobile applications and Yellow Pages print
directories. In addition, Yellow Pages is a leader in national
advertising through its businesses devoted to servicing the
marketing needs of large North American brands, including Mediative
and JUICE. For more information visit www.corporate.yp.ca.
SOURCE Yellow Pages Limited