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Search Engine Firm Merges With MBSL Group

Staff Writer
Published: 2004-10-18

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Walnut Ventures, owner and operator of several Pay Per Click (PPC) Internet search engines, has signed a letter of intent to merge and combine operations with MBSL Group.

The merger transaction is expected to close within four to six weeks, subject to the completion of due diligence and the approval of the board of directors and a majority of shareholders.

Said Walnut Chief Executive Officer Dan O'Donnell: "Because of the additional capital options afforded through the structure of a public company, we anticipate that this merger will play a significant factor in our strategy to grow our Internet businesses organically as well as through future acquisitions."

MBSL Group Chairman Frank McPartland said, "We are very excited about entering one of the hottest growth industries to come along in a very long time. This anticipated merger represents a major step by management to maximize value for our shareholders. We believe Walnuts' Pay Per Click Search Engine business model is an ideal fit with our business strategy and feel that this deal coupled with our previously announced letter of intent to merge with Corporate Consulting Services, positions us well for rapid growth in multiple channels."

Based in San Francisco, Walnut owns a number of revenue producing Internet search properties that operate in the same space as firms like Google, Mamma.com, InfoSpace and AskJeeves. Walnut has long-standing partnerships with the top PPC search results providers and has a unique competitive advantage via its meta-search technology, which provides users with "one-stop shopping" for the best search results offered throughout the Internet.

In addition, Walnut offers search services to the Registrar/ Domain name channel and desktop search management tools, including a multi purpose toolbar and a desktop search application that allows users to search the internet without first opening a web browser.

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