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<SEC-DOCUMENT>0001140361-09-006809.txt : 20090312
<SEC-HEADER>0001140361-09-006809.hdr.sgml : 20090312
<ACCEPTANCE-DATETIME>20090312162849
ACCESSION NUMBER:		0001140361-09-006809
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090309
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20090312
DATE AS OF CHANGE:		20090312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIVEDEAL INC
		CENTRAL INDEX KEY:			0001045742
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				850206668
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33937
		FILM NUMBER:		09676065

	BUSINESS ADDRESS:	
		STREET 1:		4840 E JASMINE ST
		STREET 2:		STE 110
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		4806549646

	MAIL ADDRESS:	
		STREET 1:		4840 EAST JASMINE STREET
		STREET 2:		SUITE 105
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP CORP
		DATE OF NAME CHANGE:	20040504

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP NET INC
		DATE OF NAME CHANGE:	19991112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIGL CORP
		DATE OF NAME CHANGE:	19980707
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<DESCRIPTION>LIVEDEAL 8-K 3-9-2009
<TEXT>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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DC 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
Exchange Act of 1934</font></div>
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Report (Date of earliest event reported):&#160;&#160;March 9, 2009</font></div>
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              <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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      Name or Former Address, if Changed Since Last Report)</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see</font> General
Instruction A.2. below):</font></div>
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      to Rule&#160;425 under the Securities Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Soliciting material pursuant to
      Rule&#160;14a-12 under the Exchange Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Pre-commencement communications
      pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Pre-commencement communications
      pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></font></div>
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    <div>&#160;</div>
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      1.01.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
      into a Material Definitive
Agreement.</font></div>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On March 9, 2009 (the &#8220;Closing Date&#8221;),
LiveDeal, Inc. (the &#8220;Company&#8221;), Telco Billing, Inc., a wholly owned subsidiary
of the Company (&#8220;Telco&#8221;), and Local.com Corporation (the &#8220;Purchaser&#8221;) entered
into an Asset Purchase Agreement (the &#8220;Purchase Agreement&#8221;) pursuant to which
Telco sold 14,185 local business advertising subscribers (the &#8220;Purchased
Subscribers&#8221;) to the Purchaser in exchange for a cash payment of $3,092,330 (the
&#8220;Purchase Price&#8221;).&#160;&#160;The Purchase Price is subject to adjustment in
favor of the Purchaser if Telco actually transfers fewer Purchased Subscribers
than the number specified in the Purchase Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Purchase Agreement contains
representations and warranties of the parties that are customary for a
transaction of this type, which generally survive for nine months from and after
the Closing Date.&#160;&#160;The Company&#8217;s and Telco&#8217;s representations and
warranties (including with respect to the Purchased Subscribers) are qualified
by information contained in confidential disclosure schedules that such parties
provided to the Purchaser in connection with the execution of the Purchase
Agreement.&#160;&#160;Although certain of the information contained in the
disclosure schedules may be non-public, the Company does not believe that this
information is required to be publicly disclosed under the Federal securities
laws.&#160;&#160;Moreover, certain of these representations and warranties may
not be accurate or complete as of a specific date because they are subject to a
contractual standard of materiality that may be different from the standard
generally applied under the Federal securities laws or were used for the purpose
of allocating risk between the Company, Telco and the Purchaser rather than
establishing matters as facts.&#160;&#160;Finally, information concerning the
subject matter of these representations and warranties may have changed since
the Closing Date, which may or may not be fully reflected in the Company&#8217;s
public disclosures.&#160;&#160;Accordingly, you should not rely on these
representations and warranties as statements of fact.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Purchase Agreement also contains
certain other covenants and agreements.&#160;&#160;For example, the parties
agreed that any credits processed by local exchange carriers (&#8220;LECs&#8221;) or
clearinghouses with respect to the Purchased Subscribers shall be the
responsibility of the party that submitted the original billing for such
Purchased Subscribers.&#160;&#160;The parties also agreed to protect the
confidentiality of each other party&#8217;s non-public information, whether or not
such information is related to the Purchased Subscribers.&#160;&#160;Finally,
the Company and Telco provided certain nonsolicitation covenants with respect to
the Purchased Subscribers in favor of the Purchaser.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company and Telco agreed to jointly
and severally defend, indemnify and hold harmless the Purchaser and its
affiliates, agents and representatives (the &#8220;Purchaser Indemnitees&#8221;), and any
third party claiming by or through any of the Purchaser Indemnitees, from and
against any and all losses arising out of or resulting from (i) any material
inaccuracy of a representation or warranty made by the Company or Telco in the
Purchase Agreement when made, (ii) any material breach of a covenant, agreement
or obligation of the Company or Telco in the Purchase Agreement, (iii) the
failure to timely pay, satisfy or discharge certain liabilities retained by the
Company and/or Telco under the terms of the Purchase Agreement, (iv) any credits
processed in error against Telco&#8217;s settlements or as an adjustment to reserves
by LECs or clearinghouses for which the Purchaser submitted the original billing
to the LEC or clearinghouse (until 120 days after the Closing Date), and (v) any
adjustment to the Purchase Price resulting from the actual number of Purchased
Subscribers transferred to the Purchaser by Telco.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Purchaser agreed to defend,
indemnify and hold harmless the Company, Telco and their respective affiliates,
agents and representatives (the &#8220;Company Indemnitees&#8221;), and any third party
claiming by or through any of the Company Indemnitees, from and against any and
all losses arising out of or resulting from (i) any material inaccuracy of a
representation or warranty made by Purchaser in the Purchase Agreement when
made, (ii) any material breach of a covenant, agreement or obligation of the
Purchaser in the Purchase Agreement, (iii) the failure to timely pay, satisfy or
discharge certain liabilities assumed by the Purchaser under the terms of the
Purchase Agreement, (iv) any credits processed in error against the Purchaser&#8217;s
settlements or as an adjustment to reserves by LECs or clearinghouses for which
Telco submitted the original billing to the LEC or clearinghouse (until 120 days
after the Closing Date), and (v) certain reasonable costs or fees borne by the
Company or Telco in connection with continuing to provide billing services
related to the Purchased Subscribers after the Closing Date.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The parties also agreed to establish
two escrow accounts in connection with completing the transaction described
above.&#160;&#160;Ten percent of the Purchase Price was held back in an escrow
account (the &#8220;Seller Escrow Fund&#8221;) to secure the Purchaser&#8217;s rights to seek
indemnification under the Purchase Agreement, as well as any adjustment to the
Purchase Price that might be required.&#160;&#160;A separate sum of $50,000 was
deposited by the Purchaser in another escrow account (the &#8220;Purchaser Escrow
Fund&#8221;) to secure the Company&#8217;s and Telco&#8217;s rights to seek indemnification under
the Purchase Agreement.&#160;&#160;The parties can also seek to recover the
billing credits to which they may be entitled from the appropriate escrow
account.&#160;&#160;The Seller Escrow Fund will terminate nine months after the
Closing Date, and the Purchaser Escrow Fund will terminate 120 days after the
Closing Date.&#160;&#160;The parties and Alliance Bank of Arizona (as escrow
agent) entered into separate agreements with respect to each escrow
account.&#160;&#160;Such agreements do not themselves contain any obligations,
rights or other provisions that are material to the Company or
Telco.</font></div>
    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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    <div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">LIVEDEAL,
      INC.</font></div>
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              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td colspan="2" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
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              <td align="left" valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;March
      12, 2009</font></div>
              </td>
              <td align="left" valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Rajeev Seshadri</font></font></div>
              </td>
              <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Rajeev
      Seshadri</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="top" width="50%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer</font></div>
              </td>
            </tr>
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      </div>
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