1. SOFTWARE & SERVICES 10 NOVEMBER 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Damian Wojcichowsky, CFA (Associate), 416.860.7652
ANOTHER TECH BUBBLE? NOT Q UITE
GO OGL E A CQ UI R E S AD M OB N ET W OR K
Google announced the acquisition of AdMob, the mobile ad platform that serves online ads for a network of 15,000
mobile W eb sites. AdMob’s platform has made considerable in-roads into the iPhone ecosystem, and fits nicely with
the burgeoning Google Android platform. Google bid $750 million for the company, which generates a revenue run
rate of approximately $100 million currently, implying a Price/Sales valuation on the deal of 7.5x. Before we begin
proclaiming the onset of a new tech bubble, we note that Google and Microsoft both acquired companies in the same
digital marketing space in 2007 for double digit P/S multiples (see Digital Marketing M&A Valuations).
Digital Marketing M&A Valuations
WPP Group acquires 24/7 Real Media
Google acquires AdMob (November 2009)
Google acquires DoubleClick (April 2007)
Microsoft acquires aQuantive (May 2007)
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
Price/Sales (trailing 12 months)
EL E CT R ON IC A RT S A CQ UI R ES PL A YF I SH
The long-anticipated acquisition of Playfish by Electronic Arts has come to fruition in a deal involving consideration of
$275 million upfront in cash, $25 million in retention payments via shares, and $100 million in earn-out – a total
consideration of $400 million potentially. The Price/Sales valuation on this transaction (based on estimates of $75
million in Playfish revenue run rate) ranges between 4.0x and 5.3x (depending on the value when EA closes the deal).
Playfish operates social games on Facebook, MySpace, Hi5, and other social networks which have been installed
more than 150 million times, and claims 60 million monthly active users. Its top games include Pet Society,
Restaurant City, Country Story, and Who Has The Biggest Brain?
S UMM AR Y – C A PIT AL M A RK ET S A CT I V IT Y
Slow down continues since late October: Total transaction value in the Web 2.0 universe for November is $24.2
million – a decidedly slow start to the month. November has begun with six financings in the sector averaging $4.0
million each (vs. an average of $6.3 million last month). In comparison, total capital raised in October was $171.3
million, averaging $6.3 million (27 deals); September was $232.8 million, averaging $9.0 million (26 deals); and
August was $221.6 million, averaging $7.6 million (29 deals).
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

2. Page 2
THE WEB 2.0 UNIVERSE
Eighty-nine public Web 2.0 companies: Our W eb 2.0 universe contains 89 companies, with a combined market cap of
approximately $71 billion (Figure 1). The median market cap for the group is $41.8 million, with average trailing revenue
of $163 million (median $56 million). The companies are also generally profitable with a median EBITDA margin of 11.6%.
On a valuation basis, the overall average is 5.3x trailing revenue (median 1.8x) and 11.1x trailing EBITDA (median 8.3x).
Twenty of the companies have more than 500 employees.
C omparable C ompany Analys is > Web 2.0
Trading C urrent US D Market US D L TM Total US D L TM Total E B ITDA TE V/L TM TE V/L TM
C ompany Name L TM as of Ticker E xc hange C urrency HQ P rice C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B ITDA E mployees
Accelerize New Media , Inc. 6/30/2009 AC LZ OT C B B US D United S ta tes 0. 75 21. 0 4. 4 (3.7) -83. 3% 5. 8x - 11
Actoz S oft C o. , Ltd. 6/30/2009 A052790 K OS E KR W S outh K orea 15,450 112. 1 108.7 25. 9 23. 8% 0. 7x 3. 1x NA
AQ Interactive, Inc. 6/30/2009 3838 TS E JPY J a pan 47,400 28. 8 66. 1 (2.0) -2.9% 0. 1x - NA
As s ociated Media Holdings Inc. 6/30/2007 AS MH OT C P K US D United S ta tes 0. 01 0.4 0. 1 (2.3) NM 13.2x - 3
B igs tring C orp. 6/30/2009 BS GC OT C B B US D United S ta tes 0. 03 2.0 0. 1 (1.5) NM 48.2x - 4
B eta wave C orporation 6/30/2009 B W AV OT C B B US D United S ta tes 0. 03 0.9 9. 4 (12. 6) NM - - 51
B eyond C ommerce, Inc. 6/30/2009 B Y OC OT C B B US D United S ta tes 0. 07 3.5 11. 7 (12. 8) NM 0. 8x - 101
B right T hings plc 3/31/2009 AIM: B G T AIM GBP United K ingdom 0. 01 5.4 0. 0 (2.7) NM - - NA
B roa dW ebAs ia Inc. 9/30/2008 BWBA OT C P K US D United S ta tes 0. 03 2.5 0. 0 (4.6) NM - - 46
C DC C orp. 6/30/2009 C HIN. A Na s daqG S US D Hong K ong 2. 52 267. 1 361.6 25. 1 6.9% 0. 7x 10. 5x 2, 227
C hangyou. com L imited 9/30/2009 C Y OU Na s daqG S US D C hina 33. 14 1,822. 7 255.3 157.4 61. 7% 5. 9x 9. 6x 628
C hina G a teway C orporation 9/30/2008 CGWY OT C P K US D United S ta tes 0. 00 0.0 6. 7 (6.6) -98. 9% 0. 0x - 37
C hines e G amer Interna tiona l 9/30/2009 G T S M: 3083 GTS M TWD T aiwa n 444 1,151. 5 68. 3 39. 6 58. 0% 15.7x 27. 0x NA
C LIC K E R Inc. 5/31/2009 C LK Z OT C B B US D United S ta tes 0. 01 0.5 2. 5 (1.2) -45. 8% 0. 2x - 22
C ornerW orld C orpora tion 7/31/2009 CWR L OT C B B US D United S ta tes 0. 06 5.7 6. 8 NM NM 2. 4x - 16
C yberplex Inc. 6/30/2009 T S X :C X TS X C AD C anada 1 84. 2 89. 8 9.7 10. 8% 0. 7x 6. 6x NA
DADA S pA 6/30/2009 C M: DA CM E UR Italy 7. 35 174. 5 241.9 31. 8 13. 1% 0. 9x 7. 0x NA
DXN Holdings B hd 8/31/2009 DX N K LS E MY R Ma la ys ia 0. 63 41. 1 77. 3 (84. 0) NM 0. 7x - NA
Dibz International, Inc. NA DIB Z OT C P K US D United S ta tes 0. 00 0.0 NA NM NM - - NA
DigitalP os t Interactive, Inc. 6/30/2009 DG LP OT C B B US D United S ta tes 0. 05 3.5 1. 0 (1.4) NM 5. 5x - 7
DigitalT own, Inc. 8/31/2009 DG T W OT C B B US D United S ta tes 0. 50 13. 7 0. 0 (1.8) NM - - 3
Dolphin Digital Media , Inc. 6/30/2009 DP DM OT C B B US D United S ta tes 0. 40 21. 5 0. 6 (3.4) NM 38.6x - NA
E olith C o. Ltd. 12/31/2008 A041060 K OS E KR W S outh K orea 570 34. 6 15. 4 (3.6) -23. 6% 2. 4x - NA
E xtens ions , Inc. 6/30/2009 E XT I OT C P K US D United S ta tes 0. 25 11. 1 NM NM NM - - 2
F luid Mus ic C a nada , Inc. 6/30/2009 T S X :F MN TS X C AD United S ta tes 1. 80 86. 8 5. 3 (5.1) -95. 2% 15.4x - NA
F rogs ter Interactive P ictures AG 6/30/2009 FRG XT R A E UR G ermany 18. 66 70. 0 9. 6 (4.5) -47. 0% 7. 1x - NA
G ama nia Digita l E ntertainment C o., Ltd. 9/30/2009 6180 GTS M TWD T aiwa n 45. 05 211. 0 151.2 24. 9 16. 5% 1. 2x 7. 5x NA
G ameOn C o Ltd. 6/30/2009 3812 TS E JPY J a pan 72,200 78. 1 81. 9 20. 1 24. 5% 0. 0x 0. 2x NA
G eoS entric O yj 6/30/2009 G E O 1V HL S E E UR F inland 0. 06 78. 9 5. 4 (17. 4) NM 14.5x - 115
G iant Interactive G roup, Inc. 6/30/2009 GA NY S E US D C hina 7 1,648. 5 198.5 124.1 62. 5% - - 1, 570
G iga Media Ltd. 3/31/2009 G IG M Na s daqG S US D T aiwa n 3. 82 208. 3 183.6 NM NM 0. 7x - 751
G ravity C o., Ltd 6/30/2009 GR VY Na s daqG M US D S outh K orea 1. 57 43. 6 49. 1 16. 6 33. 9% - - 469
G ree, Inc. 9/30/2009 T S E : 3632 TS E JPY J a pan 5,410 2,708. 5 210.3 122.2 58. 1% 12.4x 21. 3x NA
G ungHo O nline E ntertainment, Inc. 6/30/2009 3765 OS E JPY J a pan 205,400 263. 2 119.5 26. 6 22. 2% 1. 9x 8. 6x NA
HanbitS oft, Inc. 6/30/2009 A047080 K OS E KR W S outh K orea 3,580 65. 7 60. 7 1.4 2.3% 0. 9x 36. 9x NA
IAC /InterActiveC orp. 9/30/2009 IAC I Na s daqG S US D United S ta tes 19. 61 2,587. 9 1, 359. 6 82. 4 6.1% 0. 7x 11. 5x 3, 200
IAS E nergy, Inc. 4/30/2009 IAS A. E OT C B B US D C anada 0. 12 8.5 0. 0 (0.6) NM - - NA
is eemedia Inc. 6/30/2009 IE E T S XV C AD C anada 0. 19 9.2 1. 7 (4.5) NM 5. 2x - NA
J umbuck E nterta inment Limited 6/30/2009 AS X :J MB AS X AUD Aus tralia 0. 34 14. 5 16. 7 7.2 42. 8% 0. 5x 1. 1x 79
K AB Dis tribution Inc. 6/30/2009 T S X :K AB TS X C AD C anada 0 0.6 67. 9 4.0 5.8% - - NA
K ings oft C o. Ltd. 6/30/2009 3888 S E HK HK D C hina 8 1,074. 8 139.1 61. 4 44. 2% 7. 7x 17. 5x 2, 463
Lingo Media C orporation 6/30/2009 T S X V :LM T S XV C AD C anada 0. 98 11. 2 1. 2 (1.9) NM 8. 6x - NA
LiveW orld Inc. 6/30/2009 LVW D OT C P K US D United S ta tes 0. 04 1.1 10. 6 (0.1) -1.2% - - NA
LookS mart, Ltd. 9/30/2009 L OO K Na s daqG M US D United S ta tes 1. 17 20. 0 54. 0 (4.9) -9.0% - - 90
Magnitude Information S ys tems Inc. 6/30/2009 MAG Y OT C B B US D United S ta tes 0. 01 4.1 0. 1 (2.5) NM - - 14
Mixi, Inc. 6/30/2009 2121 TS E JPY J a pan 740000. 00 1,275. 1 136.8 46. 2 33. 8% 8. 4x 25. 0x NA
Modern T imes G roup Mtg AB 9/30/2009 MT G B OM SEK S weden 323. 00 3,056. 7 2, 002. 6 282.9 14. 1% 1. 8x 12. 7x 2, 969
MO K O .mobi Limited 6/30/2009 MK B AS X AUD Aus tralia 0. 09 7.9 0. 7 (2.4) NM 10.0x - NA
Myriad G roup AG 6/30/2009 MY R N SWX C HF S witzerland 4. 79 205. 4 63. 0 3.4 5.4% 3. 2x - 405
NE O W IZ G ames C orpora tion 12/31/2008 A095660 K OS E KR W S outh K orea 39250. 00 693. 4 207.3 55. 7 26. 8% 3. 3x 12. 3x NA
NetDragon W ebS oft, Inc. 6/30/2009 777 S E HK HK D C hina 5 351. 2 89. 3 25. 7 28. 7% 2. 3x 8. 0x 3, 109
Neteas e. com Inc. 6/30/2009 NT E S Na s daqG S US D C hina 42. 00 5,435. 9 472.4 297.4 63. 0% - - 3, 109
NeuLion Incorporated 6/30/2009 T S X :NLN TS X C AD C anada 0. 68 72. 8 21. 5 (13. 0) -60. 3% 2. 9x - 237
NeXplore C orporation 6/30/2009 NX P C OT C P K US D United S ta tes 1 41. 8 1. 7 (13. 3) NM 27.0x - NA
Ngi G roup Inc. 6/30/2009 2497 TS E JPY J a pan 26600. 00 36. 8 93. 0 6.9 7.4% - - NA
Northgate T echnologies L imited 6/30/2009 590057 BSE INR India 30. 85 22. 4 82. 9 (41. 5) -50. 0% 0. 3x - NA
O pen T ext C orp. 9/30/2009 OT E X Na s daqG S US D C anada 39. 04 2,201. 1 814.5 211.1 25. 9% 2. 8x 10. 8x 3, 900
O penwave S ys tems Inc. 9/30/2009 OP W V Na s daqG S US D United S ta tes 2. 15 179. 6 190.5 5.6 3.0% 0. 4x 13. 3x 590
P erfect W orld C o. , Ltd. 6/30/2009 PWRD Na s daqG S US D C hina 49. 08 2,473. 2 255.6 142.2 55. 6% 0. 9x 1. 5x 2, 096
P NI Digital Media Inc. 6/30/2009 T S X V :P N T S XV C AD C anada 1. 76 55. 4 21. 0 2.3 11. 0% 2. 5x 23. 1x NA
Q uepa s a C orp. 6/30/2009 QP S A OT C B B US D United S ta tes 1 17. 8 0. 2 (10. 6) NM - - 74
O AO R B C Information S ys tems 12/31/2007 R BCI R TS US D R us s ia 1. 60 222. 0 157.4 20. 6 13. 1% 0. 0x 0. 4x NA
S handa Interactive E nterta inment Ltd. 6/30/2009 S NDA Na s daqG S US D C hina 50. 41 3,390. 3 629.0 296.7 47. 2% - - 3, 124
S hutterfly, Inc. 9/30/2009 S FLY Na s daqG S US D United S ta tes 15. 55 399. 2 223.1 27. 0 12. 1% 1. 3x 10. 6x 514
S K C ommunications C o., Ltd. 12/31/2008 A066270 K OS E KR W S outh K orea 7150. 00 250. 9 192.7 12. 5 6.5% 1. 3x 20. 0x NA
S NAP Interactive, Inc. 6/30/2009 S TVI OT C B B US D United S ta tes 0 4.3 3. 5 0.9 27. 0% 0. 8x 2. 9x 11
S NM G loba l Holdings 9/30/2008 S NMN OT C P K US D United S ta tes 0. 00 0.0 2. 0 (0.7) -34. 8% 1. 1x - 33
S ocial Media V entures Inc. 12/31/2008 S MV I OT C P K US D United S ta tes 0 0.0 0. 1 (0.1) -60. 6% 4. 5x - NA
S ocialwis e, Inc. 6/30/2009 S C LW OT C B B US D United S ta tes 0. 55 24. 3 0. 0 (5.6) NM - - NA
S ohu. com Inc. 9/30/2009 S O HU Na s daqG S US D C hina 57. 86 2,225. 1 501.0 218.5 43. 6% 3. 4x 7. 7x 3, 197
S park Networks , Inc. 6/30/2009 L OV AME X US D United S ta tes 3 55. 0 50. 5 10. 8 21. 3% 1. 0x 4. 9x 183
S pectrumDNA, Inc. 6/30/2009 S P XA OT C B B US D United S ta tes 0 7.3 0. 1 (2.5) NM - - 7
T encent Holdings Ltd. 6/30/2009 700 S E HK HK D C hina 139 32, 555.5 1, 391. 6 680.3 48. 9% 25.8x - 6, 421
T he P arent C ompany 8/2/2008 K IDS . Q OT C P K US D United S ta tes 0. 01 0.2 112.0 (13. 5) -12. 0% 0. 2x - 347
T he9 Limited 12/31/2008 NC T Y Na s daqG S US D C hina 7. 88 197. 7 250.6 85. 5 34. 1% - - 1, 626
T heS treet. com, Inc. 3/31/2009 TS CM Na s daqG M US D United S ta tes 2. 45 75. 0 67. 0 1.9 2.9% 0. 2x 5. 4x 310
T ree.C om, Inc. 9/30/2009 TR E E Na s daqG M US D United S ta tes 7. 78 84. 8 217.1 10. 5 4.8% 0. 3x 6. 2x 700
Unis erve C ommunica tions C orp. 8/31/2009 T S X V :US S T S XV C AD C anada 0. 04 0.8 16. 1 0.1 0.9% 0. 3x 36. 4x NA
United O nline Inc. 9/30/2009 UNT D Na s daqG S US D United S ta tes 8. 33 704. 6 996.8 214.9 21. 6% 1. 0x 4. 5x 1, 469
UOMO Media, Inc 7/31/2009 UO MO OT C B B US D C anada 0 6.9 0. 8 (0.4) -54. 2% 9. 3x - NA
V alueC lick Inc. 9/30/2009 V C LK Na s daqG S US D United S ta tes 10 906. 4 545.7 130.8 24. 0% 1. 4x 5. 7x 1, 189
V OIS , Inc. 6/30/2009 V O IS OT C B B US D United S ta tes 0 6.2 0. 0 (1.0) NM - - 4
W ebzen Inc. 6/30/2009 W ZE N Na s daqG M US D S outh K orea 3. 09 36. 6 23. 2 2.3 9.9% - - 328
W izzard S oftwa re C orporation 6/30/2009 W ZE AME X US D United S ta tes 0. 47 23. 7 5. 3 (4.5) -84. 9% 4. 7x - 110
W orlds . com Inc. 6/30/2009 W DDD OT C B B US D United S ta tes 0. 10 5.2 0. 1 (0.7) NM - - 1
W ynds torm C orpora tion NA W Y ND OT C P K US D United S ta tes 0. 10 1.8 NA NM NM - - NA
XING AG 6/30/2009 O 1B C XT R A E UR G ermany 32. 30 249. 4 58. 9 17. 0 28. 8% 3. 3x 11. 6x 246
Y D O nline C orp. 12/31/2007 A052770 K OS E KR W S outh K orea 7120. 00 89. 5 57. 4 12. 4 21. 6% 1. 7x 8. 0x NA
Y nk K orea Inc. 12/31/2008 A023770 K OS E KR W S outh K orea 4020. 00 18. 0 11. 9 1.3 10. 5% - - NA
High 32, 555.5 2,002. 6 680. 3 63. 0% 48.2x 36. 9x 6, 421
Low 0.0 0. 0 -84.0 -98. 9% - - 1
Average 794.1 163.0 39.4 6.2% 5.3x 11.1x 945
Median 41. 8 55.7 1. 7 11. 6% 1. 8x 8. 3x 246
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

3. Page 3
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Slow down continues since late October: Total transaction value in the Web 2.0 universe for November is $24.2 million
– a decidedly slow start to the month. November has begun with six financings in the sector averaging $4.0 million each
(vs. an average of $6.3 million last month). In comparison, total capital raised in October was $171.3 million, averaging
$6.3 million (27 deals); September was $232.8 million, averaging $9.0 million (26 deals); and August was $221.6 million,
averaging $7.6 million (29 deals).
Financing Activity Last Twelve Months
400.0 16.0
14.6
350.0 14.0
300.0 12.0
250.0 10.0
9.0
(US$m)
(US$m)
200.0 7.6 8.0
7.1
6.7 6.6
6.5 6.3
6.2
150.0 5.6 6.0
4.9
4.0
100.0 4.0
50.0 2.0
0.0 0.0
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09
*May-09 includes $200m FB investment Total Average
Figure 2. Financings, Last Twelve Months
Source. Company reports

4. Page 4
Deal round-up for November start: The large deal highlights for the month include:
• Playfish – the UK-based social gaming company – was acquired by Electronic Arts in a deal potentially valued up
to $400 million.
• Motley Fool – the financial information site – raised $25 million in an unattributed financing.
• Phoenix New Media – the subsidiary of Phoenix Television, a popular Chinese news portal and media site – raised
$25 million from Intel Capital and Bertelsmann Asia Investment Fund.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures 23
and 24 (at end of note).
Financing & M/A Summary - Last Three Months
200.0
180.0
160.0
140.0
120.0
Nov-09
(US$m)
100.0 Oct-09
Sep-09
80.0
60.0
40.0
20.0
0.0
Phoenix New
DailyMotion
Jive Software
Mzinga
InXpo
NextBio
Reality Mobile
HiveLive
Fwix
Yext
Box.net
Motley Fool
Skype
PlayFish
Ooyala
Jobvite
Eventbrite
Booyah
YuMe
Overtone
Greystripe
DailyBooth
OnLive
Aviary
Mocapay
Vantrix
Fizzback
Linkedex
Twitter
Dopplr
Unisfair
Fluther
Scoopler
Mint
Ensequence
Engine Yard
CubeTree
Vuclip
Vdopia
NeoEdge
Alliance Health
ViVu
Blekko
Godengo
FourSquare
Onehub
EduFire
Hot Potato
IngBoo
Chango
Listia
NowPublic
Ecast Network
Livebookings
Altruik
Scout Labs
Conduit Labs
MashLogic
Tiny Pictures
DataSync
VEVO
HubSpot
Spigit
ScanScout
StatusNet
Aurora Feint
Technorati
Credit Karma
Loomia
PopCap Games
Riot Games
Sometrics
FeedRoom
Amie Street
TransGaming Inc.
Imeem
Gamelab.com
Watercooler
Figure 3. Capital Market Activity, Last Three Months
Source. Company reports

5. Page 5
Social Networks the most active sector: Social Networks experienced the most financing activity among our W eb 2.0
sector categories in the past three months by number of transactions (8). Collaboration-related companies have been hot
recently, garnering the second highest number of deals (7). Advertising continues to be among the highest activity sectors
in the past quarter (6 deals) (Figure 4). The $2.0 billion acquisition of Skype skews the dollars transacted to the
SMS/Voice segment, while the $400 million acquisition of Playfish brings the Virtual W orlds segment to the second highest
total. Finally, the $170 million acquisition of Mint brings the Vertical Communities segment into third place.
Capital Market Activity by Sector - Last Three Months
200.0
180.0
160.0
140.0
120.0
(US$m)
100.0
80.0
60.0
40.0
20.0
2,025.0 417.1 178.3 100.9 68.3 57.0 49.3 45.5 39.9 37.5 36.5 30.0 25.6 17.2 16.2 13.0 6.4 6.0 3.9 3.6 3.0 2.2 2.0 1.5
0.0
Comment/Reputation
Social Commerce
Communities
Gaming
Microblog
Media
Collaboration
Enterprise
Mobile
Publishing
Music
Financial Services
SMS/Voice
Infrastructure
Search
Classified
Mobile Ad
Social Networks
Virtual World
Video
Advertising
Crowdsourced
Aggregation
Analytics
Vertical
Content
# companies
1 4 2 2 5 3 8 7 6 3 4 4 2 2 5 4 2 1 1 2 2 1 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports

6. Page 6
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index continues to outpace NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored
the performance of the NASDAQ composite index from mid-2008 until Q1/09. Since then, the index has diverged in a much
stronger recovery relative to the NASDAQ index (Figure 5).
Web 2.0 Index Price Performance
250
200
150
100
50
0
11/10/2008
11/24/2008
12/8/2008
12/22/2008
1/5/2009
1/19/2009
2/2/2009
2/16/2009
3/2/2009
3/16/2009
3/30/2009
4/13/2009
4/27/2009
5/11/2009
5/25/2009
6/8/2009
6/22/2009
7/6/2009
7/20/2009
8/3/2009
8/17/2009
8/31/2009
9/14/2009
9/28/2009
10/12/2009
10/26/2009
11/9/2009
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Figure 5. Web 2.0 Price Performance
Source. Capital IQ

7. Page 7
Broad-based price improvement: Thirty-five companies in our universe had positive stock price performances over the
past week (for stocks with prices greater than $1) (Figure 6), while 12 companies showed negative 1-week returns.
1 Week P rice P erformance
Quepas a Corp. 16.7%
Perf ect World Co., Ltd. 13.5%
V alueClick Inc. 12.9%
S handa Interactive Entertainment Ltd. 11.5%
Neteas e.com Inc. 11.4%
S hutterf ly , Inc. 9.2%
Changy ou.com Limited 9.2%
Eolith Co. Ltd. 7.5%
NetDragon WebS oft, Inc. 7.5%
CDC Corp. 7.2%
S ohu.com Inc. 7.0%
A ctoz S oft Co., Ltd. 6.6%
G ree, Inc. 6.3%
United Online Inc. 6.0%
Open Tex t Corp. 5.7%
Northgate Technologies Limited 5.3%
Modern Times G roup Mtg A B 5.2%
HanbitS oft, Inc. 4.7%
Y D Online Corp. 4.6%
Openw ave S y s tems Inc. 4.4%
Chines e G amer International 4.2%
DA DA S pA 4.0%
IA C/InterA ctiveCorp. 3.1%
Y nk K orea Inc. 3.1%
Webz en Inc. 2.0%
NEOWIZ G ames Corporation 1.7%
TheS treet.c om, Inc. 1.7%
K ings oft Co. Ltd. 1.5%
S K Communica tions Co., Ltd. 1.4%
A Q Interactive, Inc. 1.3%
The9 Limited 0.8%
Cy berplex Inc. 0.7%
Fluid Mus ic Canada, Inc. 0.6%
G amania Digital Entertainment Co., Ltd. 0.6%
G iant Interactive G roup, Inc. 0.3%
G ravity Co., Ltd 0.0%
My riad G roup A G -2.0%
Frogs ter Interactive Pictures A G -2.0%
PNI Digital Media Inc. -2.2%
Tencent Holdings Ltd. -2.9%
Tree.Com, Inc. -3.4%
Ngi G roup Inc. -3.4%
G igaMedia Ltd. -4.0%
Mix i, Inc. -5.2%
S park Netw orks , Inc. -7.3%
X ING A G -7.4%
L ookS ma rt, Ltd. -9.3%
G ameOn Co Ltd. -15.3%
-0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2
Figure 6. 1-Week Price Performance
Source. Capital IQ

8. Page 8
P U B L I C C O M P A N Y I N D U S T R Y N E W S (P A R T N E R S H I P S , F I N A N C I A L R E S U L T S , N E W P R O D U C T S )
K ey Developments
C ompany Headline Notes
P erfect World C o., L td. P erfect W orld C o., Ltd. P ropos es Amendments to P erfect W orld C o. , Ltd. announced that an annual genera l meeting of company will be held on November 14, 2009 for the
(Nas daqG S :P WR D) Memorandum and Articles of As s ociation purpos es of cons idering amendment of Article 1 of the a mended a nd res ta ted Memora ndum and Articles of As s ociation of
the company by adding the following definition: 'Des igna ted S tock E xcha nge' means T he Nas daq S tock Market. And for the
purpos es of cons idering amendment of Article 111 of the amended and res tated Memorandum a nd Articles of As s ocia tion of
the company by repla cing it with the following new article: 111. S ubject to a pplicable la w and rules of the Des ignated S tock
E xchange: (1) T he B oard s hall a ppoint an Auditor to a udit the accounts of the company a nd s uch a uditor s ha ll hold office
until the board appoints another a uditor. S uch auditor may be a member but no director or officer or employee of the
company s hall, during his continuance in office, be eligible to act as an a uditor of the compa ny. (2) A pers on, other tha n a
retiring a uditor, s hall not be capable of
being appointed auditor at a boa rd meeting unles s notice in writing of an intention to nominate tha t pers on to the office of
Auditor ha s been given not les s than fourteen (14) days before the boa rd meeting a nd furthermore, the
company s hall s end a copy of any s uch notice to the retiring a uditor. (3) T he B oard ma y, a t any board meeting
convened and held in accordance with thes e articles , remove the auditor at any time before the expira tion of his term
of office and s hall at tha t meeting appoint a nother Auditor in his s tead for the rema inder of his term.
Neteas e.com Inc. (Nas daqG S : NTE S ) Neteas e.com Inc. La unches New G ame C hannel Neteas e.com Inc. la unched its ga me cha nnel, game.163. com, to extend its bus ines s . T he new channel will initially provide
G ame.163. com news on games , including product news , player oriented news , and indus try information. T he compa ny ha s es ta blis hed a
tea m to collect and report the s elect content.
Northgate Technologies L imited Northgate T echnologies L imited R eports Una udited Northgate T echnologies Limited reported una udited cons olidated and s tandalone ea rnings res ults for the s econd qua rter a nd
(B S E :590057) C ons olidated and S tandalone E arnings R es ults for the s ix months ended S eptember 30, 2009. F or the quarter, the company reported on cons olidated ba s is , net los s of INR
S econd Q uarter and S ix Months E nded S eptember 30, 169.999 million or INR 4.85 per diluted s ha re on revenue of INR 140. 411 million compared to net income of INR 224. 050
2009 million or INR 6. 29 per diluted s hare on revenue of INR 1,893. 738 million for the s a me quarter a year ago. Net los s from
ordinary activities after tax and before minority interes t was INR 169. 999 million, operating los s a fter interes t of INR 166.229
million compa red to net profit from ordinary activities after tax a nd before minority interes t of INR 225. 468 million, opera ting
profit after interes t of INR 283. 971 million for the s ame quarter a yea r ago. Los s from ordinary activities before ta x wa s INR
157.143 million, operating los s before interes t of INR 165.203 million a nd opera ting los s before interes t, depreciation a nd
amortization of INR 70. 719 million compared to profit from ordina ry
activities before tax of INR 285. 564 million, operating profit before interes t of INR 286. 325 million a nd opera ting profit
before interes t, depreciation a nd amortiza tion of INR 463.570 million for the s ame quarter a yea r ago.
Openwave S ys tems Inc . B ouygues T elecom S elects O penwave S ys tems to O penwave S ys tems Inc. has announced that B ouygues T elecom has s elected O penwave's traffic management s olution to
(Nas daqG S :OP WV) Manage and O ptimiz e Network T ra ffic ma nage a nd optimize its network tra ffic. O penwave's traffic ma nagement s olution monitors and dyna mically controls a
divers e range of IP (T C P -a nd UDP -bas ed) data flows within the B ouygues mobile network. O penwave's monitoring features
will ena ble B ouygues T elecom to obtain better ins ights into network us age patterns and help them to define and anticipate
new s ubs criber beha viours . O penwave's traffic management s olution will als o allow B ouygues T elecom to offer a variety of
tiered s ubs criber plans tha t reflect a ctual us age. W ith O penwave's traffic ma nagement s olution, B ouygues T elecom will be
able to apply a policy for each s ubs criber initia ted IP s es s ion including: Acces s control bas ed on des tination IP and port of
content or application being reques t. Acces s control bas ed on s ubs criber plan/level of s ervice. S ource/des tina tion network
addres s trans lation (NAT ). Monitoring of predefined time a nd volume s es s ion limits . T he O penwa ve tra ffic ma nagement
s olution will a ls o a llow informa tion to
be logged on each IP s es s ion to enable 'hot-billing' bas ed on duration a nd volume cons umed, giving B ouygues
T elecom the ca pability to control network res ources that bind s ervice tiers to rea l-time parameters , and provides a
framework for even more s ophis ticated and proa ctive a ll IP policy management going forward.
L ookS mart, L td. (Nas daqG M: L OOK ) LookS ma rt L td. R eports U n-Audited C ons olida ted LookS ma rt L td. reported un-audited cons olidated earnings res ults for the third quarter and nine months ended S eptember
E arnings R es ults for the T hird Q ua rter a nd Nine Months 30, 2009. R evenues for the third quarter of 2009 were $12.5 million, a 19% decrea s e from $15. 4 million in the third quarter
E nded S eptember 30, 2009 ; Announces Appointment of of 2008 and a 5% decrea s e from $13. 2 million in the s econd quarter of 2009. Net los s for the third quarter of 2009 was $1.9
J ea n-Y ves Dexmier as the E xecutive C hairman of the million, or $0.11 los s per s ha re. T his is compa red to a net los s for the third quarter of 2008 of $1. 7 million, or $0. 10 los s per
B oard of Directors s hare. Net los s for the s econd quarter of 2009 was $1. 3 million, or $0.08 per s ha re. Los s from continuing operations for the
third qua rter of 2009 was $2. 1 million, which includes $0. 3 million of s everance expens e and $0.2 million of expens es
rela ted to the evalua tion of s trategic growth a lterna tives or $0. 12 ba s ic and diluted los s from continuing opera tions compared
to a los s from continuing operations in the third quarter of 2008 of $1.7 million, which included $0.2 million of s evera nce
expens e or $0.10 bas ic and diluted los s from continuing operations of previous year period. Non-G AAP net los s for the third
qua rter of 2009 was $1. 7 million compa red to a
los s of $1. 0 million in the third quarter of 2008. Non-G AAP net los s for the s econd quarter of 2009 was $0. 7 million.
C apital expenditures , including ca pita liza tion of internally developed s oftware, in the third quarter of 2009 were $0. 6
million, compared to $1.2 million in the third qua rter of 2008, and $0.4 million in the s econd qua rter of 2009. Net cas h
us ed in opera ting activities for the three months ended S eptember 30, 2009 was $2. 2 million.
T he compa ny announced the appointment of J ea n-Y ves Dexmier as the E xecutive C ha irma n of the B oard of
Directors . Dr. Dexmier ha s s erved on the company's B oa rd of Directors s ince 2007 and ha s s erved as the C ha ir of
both the Audit and S tra tegic Direction committees .
Tencent Holdings L td. (S E HK : 700) T encent H oldings Ltd. P rovides E a rnings G uidance for T encent Holdings Ltd. provided earnings guidance for the third quarter of 2009. T he company is predicted to a chieve a n
the T hird Q ua rter of 2009 online game revenue of C NY 1. 43 billion in the third quarter of 2009, up 15% quarter on quarter. T he company is expected
to ga in a tota l revenue of C NY 3. 28 billion and a net profit of C NY 1.34 billion in the qua rter.
Ic eWE B Inc. (OTC B B : IWE B ); VOIS , Inc . IceW E B Inc. (O T C B B : IW E B ) acquired 19. 31% s take in IceW E B Inc. (O T C B B : IW E B ) acquired 19.31% s take in V O IS , Inc. (O T C B B : V O IS ) for $0. 64 million in cas h on November
(OTC B B : VOIS ) V O IS , Inc. (O T C B B : V O IS ) for $0.64 million. 3, 2009. In addition to the cas h cons ideration, V O IS will ha ve acces s to IceW E B ’s cloud s tora ge network and will be able to
dis tribute IceMAIL , IceP O R T AL, and IceS E C UR E to exis ting and pros pective new us er bas e. Mark B . Lucky, C hief F inancia l
O fficer of IceW E B , has tak en a B oard pos ition on V O IS and will cha ir the Audit C ommittee.
IceW E B Inc. (O T C B B : IW E B ) completed the a cquis ition of 19. 31% s ta ke in V O IS , Inc. (O T C B B : V OIS ) on November 3,
2009.
Ic eWE B Inc. (OTC B B : IWE B ); VOIS , Inc . V O IS , Inc. a nnounced tha t it has received $0. 05 million in V O IS , Inc. (O T C B B : V O IS ) announced a private placement of 160,000, 000 s hares of common s tock at $0.0003 per s hare to
(OTC B B : VOIS ) funding from IceW E B , Inc. IceW E B , Inc. for gros s proceeds of $48, 000 on November 3, 2009. T he purcha s er is an accredited inves tor and an affiliate
of Mark B . Lucky, a member of the B oard of Directors . T he s hares were is s ued purs ua nt to R egulation D under the
S ecurities Act. T he compa ny did not pay any commis s ions or finder’s fees . IceW E B will a ppoint new directors to the
company.
Figure 7a. Key Developments
Source. Capital IQ

9. Page 9
K ey Developments - c ontinued
C ompany Headline Notes
Quepas a C orp. (OTC B B : QP S A) Q uepas a and Mexico's T ouris m B oa rd Announce S ocial Q uepas a C orp. a nnounced tha t it will be colla borating with Mexico's T ouris m B oard, officially known as the C ons ejo de
Media Marketing Initiative P romocion T uris tica de Mexico, S A de C A, with regards to an online initiative aimed a t promoting touris m to Mexico. As part
of this progra m, Q uepa s a will promote Mexico's beautiful touris t des tinations via online communities , which will index
content rela ted to s pecific des tina tion and facilitate us er interaction via blogs and vira l tools . At the s ame time, Q uepa s a and
Mexico's T ouris m B oard will be a pproa ching online travel a gencies , hotels and a irlines with rega rds to s pons oring a broader
vira l campa ign us ing the Q uepa s a Dis tributed S ocial Media pla tform.
G iant Interac tive G roup, Inc. G ia nt Intera ctive L aunches B D-C onnect(T M) for B lu-ra y G ia nt Intera ctive G roup, Inc. announced the North America n ava ilability of B D-C onnect(T M), the world's mos t widely us ed
(NYS E :G A) B D-L ive s olution. T he flexible, eas y to us e ga teway to content a nd cus tomers is the eas ies t B D-L ive technology to
implement, is pre-configured with more features than competing s olutions and ready to go. Alrea dy featured on more than
400 titles in E urope a s dyna micHD, a nd availa ble in North America exclus ively through G iant, B D-C onnect s oftwa re for
adding robus t web-connected interactive fea tures to B lu-ray Dis cs is a ctive a nd in us e on more B lu-ra y titles worldwide tha n
any other B D-Live platform. T he technology is already a hit with E uropea n cons umers and content producers , and it arrives
in North America as a compelling a nd thoroughly proven gatewa y to cus tomers and content. B D-C onnect works s eamles s ly
with community-driven web s ites s uch a s C B S -B DLive.com, T witter a nd F acebook. O ther noteworthy fea tures include a
highly s ca la ble a rchitecture with Aka ma i edge s erver content delivery, a llowing for ra pid loa ding of geo-targeted B D-Live
components with full s creen progres s ive s treaming video, HD downloa ds , s ynched movie viewing experiences , us er genera ted quizz e
tracks , photo ga lleries , marketing banners , R S S feeds and menu widgets .
IAC /InterActiveC orp. (Nas daqG S : IAC I) IAC /InterActiveC orp. Announces C es s a tion of G regory R . O n November 2, 2009, G regory R . B latt ceas ed to be an executive officer of IAC /InterActiveC orp. as a res ult of his reduced
B la tt a s E xecutive O fficer role at the IAC corporate level. Mr. B la tt will continue in his role as C hief E xecutive Officer of Ma tch.com, a s ubs idiary of
IAC .
IB 3 Networks , Inc. (OTC B B :IB NW) IB 3 Network s Inc. Announces R es ignation of T renton IB 3 Network s Inc. a nnounced tha t T renton Argobright res igned his pos ition of chief technology officer. H e will remain as
Argobright a s C hief T echnology O fficer chief technology officer and s enior network E ngineer of wholly owned s ubs idiary iB ea m S olutions LLC .
Webzen Inc . (K OS E : A069080) W ebz en Inc. Announces E arnings R es ults for the T hird W ebz en Inc. announced ea rnings res ults for the third quarter and nine months ended S eptember 30, 2009. F or the quarter,
Q uarter and Nine Months E nded S eptember 30, 2009 the company reported s a les of K R W 6,716 million compared to K R W 6, 879 million for the s ame period las t yea r. O perating
income was K R W 355 million compared to operating los s of K R W 603 million for the s ame period las t yea r. P rofit from
continuing operation before corporate income tax was K R W 367 million compa red to K R W 1,988 million for the s ame period
la s t year. Net income wa s K R W 138 million compared to K R W 1, 843 million for the s a me period las t year.
L iveWorld Inc. (OTC P K :L VWD) LiveW orld Inc. R eports Una udited E arnings R es ults for LiveW orld Inc. reported $2. 5 million in total revenues and net income of $7,000 for the third quarter of 2009 as compared to
the T hird Q ua rter a nd Nine Months E nded S eptember 30, $2. 7 million in total revenues and net los s of $602, 000 for the third qua rter of 2008. T he company s a w lower revenues as a
2009 res ult of fewer new client acquis itions , which was pa rtia lly offs et by new projects from exis ting clients . T he $609,000
increas e in the net income was attributable to efficiencies the company has been a ble to obtain in the delivery of s ervices to
clients . On a non-G AAP bas is , the company reported net income of $189, 000 for third quarter of 2009, which wa s a n
improvement of $541,000 from the $352, 000 net los s for the third quarter of 2008. Income from operations wa s $3,000
aga ins t los s from operations of $622, 000 a year ago. Los s before tax was $5,000 aga ins t $618, 000 a year ago. Net cas h
provided by opera ting activities wa s $100,000 aga ins t net cas h us ed in operating a ctivities of $294,000 a yea r ago. Adjus ted
E B IT DA wa s $189,000 aga ins t adjus ted LB IT DA of $352, 000 a year a go.
Figure 7b. Key Developments – continued
Source. Capital IQ

10. Page 10
K ey Developments - c ontinued
C ompany Headline Notes
United Online Inc. (Nas daqG S : UNTD) United O nline Inc. R eports C ons olidated Unaudited United O nline Inc. reported cons olidated unaudited earnings res ults for the third quarter and nine months ended S eptember
E arnings R es ults for the T hird Q ua rter a nd Nine Months 30, 2009. F or the qua rter, the company reported revenues were $216. 2 million, a n increas e of 28% vers us the year-ago
E nded S eptember 30, 2009; P rovides E arnings G uidance qua rter. T he increas e was attributable to the company's acquis ition of F T D on Augus t 26, 2008. Net income applica ble to
for the F ourth Q ua rter a nd F ull Y ea r of 2009; Declares common s tockholders wa s $14. 9 million or $0. 18 diluted net income per common s hare aga ins t net income applicable to
Q uarterly C a s h Dividend P a yable on November 30, 2009; common s tockholders of $15. 2 million or $0. 20 diluted net income per common s hare for the s a me quarter a year ago
Net Debt as at S eptember 30, 2009 period. Income before income taxes was $26.2 million a gains t $26. 6 million for the s ame quarter a year ago period.
O perating income was $32.6 million a gains t $28. 8 million for the s ame qua rter a year a go period. C a s h flows from
opera tions and free cas h flow were $28.2 million and $23.5 million, a decreas e of 20% and 25% , res pectively vers us the
yea r-ago quarter. T he decreas e in cas h flows was primarily a ttributable to changes in working capital. P urcha s es of property
and equipment were $4. 8 million aga ins t $4. 2 million for the s ame qua rter a year a go period. Adjus ted net income applica ble to comm
income per common s ha re a gains t $25. 4 million or $0. 34 diluted net income per common s hare for the s a me quarter
a yea r ago period.
T he compa ny provided earnings guidance for the fourth quarter and full year of 2009. F or the quarter, the company
expects adjus ted O IB DA to be in the range of $56.0--$61.0, revenues in the range of $235. 0--$243. 0 and G AAP
opera ting income in the ra nge of $29.1--$34.1.
F or the year, the company expects a djus ted O IB DA to be in the range of $243.5--$248.5, revenues in the range of
$975.6--$983. 6 and G AAP operating income in the ra nge of $142.3--$147. 3.
T he compa ny's B oard of Directors recently decla red a quarterly cas h dividend of $0. 10 per s hare that is paya ble on
November 30, 2009 to s tockholders of record on November 13, 2009.
Net debt at S eptember 30, 2009 was $252. 6 million, a decreas e of $12.5 million vers us $265. 1 million at J une 30, 2009.
The9 L imited (Nas daqG S :NC TY) G la ncy B inkow & G oldberg L LP F iles a C las s Action G la ncy B inkow & G oldberg L LP has filed a cla s s action laws uit in the United S ta tes Dis trict C ourt for the S outhern Dis trict of
Laws uit on B ehalf of a C las s C ons is ting of All P ers ons or New Y ork on behalf of a clas s cons is ting of a ll pers ons or entities who purchas ed American Depos itary S hares , a s
E ntities W ho P urchas ed American Depos itary S hares , of evidenced by American Depos itary R eceipts , of T he9 Limited between November 15, 2006 and J uly 15, 2009, inclus ive (the
T he9 L imited 'C las s P eriod'). T he C ompla int charges T he9 and certain of the C ompany's current and former executive officers with
violations of federal s ecurities laws . T he9 operates as an online game opera tor and developer in ma inla nd C hina and directly
or through a ffiliates operates licens ed multiplayer online role-playing games and adva nced ca s ual games , including S oul of
T he Ultima te Na tion, G ranado E s pada and Atlantica, among others . T he C omplaint alleges tha t throughout the C la s s P eriod
defendants knew or reckles s ly dis rega rded that their public s tatements concerning T he9's bus ines s , opera tions and
pros pects were materia lly fa ls e a nd mis lea ding. S pecifically, the defendants ma de fals e and/or mis lea ding s tatements
and/or failed to dis clos e tha t: (i) it was becoming increa s ingly les s likely that the C ompa ny would be renewing the W orld of W arcra ft c
E ntertainment Inc. ('B lizz ard'); (ii) T he9 had not even begun formal negotiations with B liz zard regarding the W orld of
W arcra ft contract renewal; (iii) T he9 and B lizz ard had been at odds regarding T he9's operation of W orld of W a rcraft in
C hina; a nd (iv) the equity inves tment in T he9 by E lectronic Arts Inc.--a developer and publis her of interactive
enterta inment--had made it les s likely that B liz za rd would renew the W orld of W arcra ft contract beca us e B liz za rd
would es s entially be doing bus ines s with one of its greates t competitors .
C hines e G amer International C hines e G amer Interna tional S igns G ame Licens ing C hines e G a mer Interna tiona l announced an over R MB 100 million (approx. $14. 7 million) licens ing agreement with
(G TS M: 3083) Agreement with C ha ngyou. com C hangyou. com Limited, whereby C ha ngyou. com will receive the exclus ive right from the company to operate Zhong Hua
Y ing X iong, a new 3D martial-a rts game, in mainland C hina. C hines e G amer a ls o plans to grab more s hares in the va s t
C hines e online game market in the future through work ing clos ely with C hangyou.com on the res earch and development of
new games .
Wizzard S oftware C orporation W iz za rd Media L aunches 24 New iP hone Apps W iz za rd Media a nnounced the launch of 24 new iP hone(R ) Apps availa ble for s ale in the App s tore including Inves tors
(AME X:W ZE ) B us ines s Da ily E ditoria ls and Alas k a H DT V . T he newly launched Apps a re iP hone companion Apps for popular podca s ts on
the W izz ard Media Network, offering a udiences one-click acces s to the podcas t directly on their iP hone or iP od T ouch(R ),
bonus content and new s ocial communica tion features creating a n unprecedented level of audience engagement. W iz zard
recently announced 2009 third quarter network numbers of 12, 281 podca s ts downloa ded 332 million times in the qua rter by
over 18 million unique monthly audience members . Approxima tely 70% of the audience for podca s ts s ubs cribe through
iT unes (R ) from which us ers download podca s ts for their iP hone a nd iP od(R ). U ntil recently, W iz za rd's only means to derive
R evenue was through podcas t publis hing s ervices as well a s a dvertis ing s ales . W ith the la unch of the iP hone App s tore in
iT unes , W iz zard created a unique iP hone App that can be quickly cus tomized for each podcas t and allows podca s t
publis hers to genera te a new revenue s tream by ma rketing their own iP hone App directly to their audience.
S park Networks , Inc . (AME X:L OV) S park Networks Inc. R eports F inancial R es ults for the S park Networks Inc. reported fina ncial res ults for the third quarter ended S eptember 30, 2009. F or the qua rter, the company
T hird Q uarter E nded S eptember 30, 2009 reported revenue of $11. 1 million, a decreas e of 21% compared to $14.0 million in the third qua rter of 2008. C ontribution for
the third quarter of 2009 wa s $8.0 million, a decreas e of 25% compared to $10.6 million for the third quarter of 2008. Net
income was $1 million, or $0. 05 per s hare, compared to $1.7 million, or $0.08 per s hare, for the third qua rter of 2008.
Adjus ted E B IT DA was $2. 6 million, a decreas e of 36% compared to $4.1 million for the third quarter of 2008.
DigitalP os t Interactive, Inc . DigitalP os t Interactive Launches Digital Media-S haring DigitalP os t Interactive Inc. announced its rebranded and cus tomized interactive platform was la unched for F amilyDrive.com,
(OTC B B : DG L P ) P la tform for F amilyDrive.com a new pa rtner providing pers ona l, priva te and a d-free s ha ring a nd pres ervation of family pictures , videos , and other digital
memories . Digita lP os t's interactive platform and s oftware development provided F amilyDrive. com with new technology
capa bilities to not only s erve their exis ting cus tomers but a ls o rea ch out to new family cus tomers . T he F amilyDrive. com web
s ite wa s cus tom-des igned to provide a place where fa milies ca n depend on pers onal s ervice and cutting-edge technology for
s haring and s toring their precious family memories .
S pec trumDNA, Inc. (OTC B B : S P XA) S pectrumDNA Inc. Appoints J eff Nolan to its B oa rd of S pectrumDNA Inc. a nnounced tha t J eff Nolan ha s been appointed to its board of directors . Nolan is a n entrepreneur,
Directors venture ca pitalis t and s ocial media s trategis t. He wa s venture partner for S AP V entures , founded the E nterpris e Irregulars
B logging C ommunity, s erved as director of the Apollo S trategy G roup for S AP G lobal Mark eting, and mos t recently was vice
pres ident of corpora te development at News G a tor T echnologies .
Quepas a C orp. (OTC B B : QP S A) Q uepas a C orp. Appoints T ony P a tti as Director of Q uepas a C orp. a nnounced the formation of a cros s -functiona l team dedicated to e-ma il management and deliverability. As
Deliverabilty part of this initia tive, the company hired T ony P atti a s Director of Deliverabilty. T ony is a recogniz ed leader in the field of e-
ma il deliverability. W ith a record of s ucces s s panning over a decade, T ony has developed focus ed, cus tomiz ed delivera bility
s olutions for s uch brands as T ra velocity. com a nd T rue. com, helping them a chieve unprecedented delivery-to-inbox rates . As
an expert in e-mail marketing, IS P relations , and the lates t in indus try trends a nd s tanda rds , T ony's delivera bility s tewards hip
ens ures tha t Q uepa s a's vital marketing inves tment pays - ins tea d of being los t in s pa m filters .
Figure 7c. Key Developments – continued
Source. Capital IQ