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Houlihan Smith Serves as Exclusive Advisor to Grocery Shopping Network on First Round of Financing
Aug 29, 2007 (10:08 AM EDT)
CHICAGO, Aug. 29 /PRNewswire/ -- Houlihan Smith & Company, Inc. ("Houlihan") acted as exclusive financial advisor to its long time client Grocery Shopping Network, Inc. ("GSN") for its Series A round of venture capital financing. The $7.0 million equity financing was led by VantagePoint Venture Partners, a leading Silicon Valley venture capital firm.
Dick Andolshek, Chairman and co-founder of Grocery Shopping Network, reflected on the capital raise process: "I was fortunate to know Richard Houlihan, and when I called him regarding the capital raise for GSN, Richard was accommodating as always. Houlihan Smith & Company immediately assembled a team of consummate professionals who understood our technology, market positioning, and business model. We worked directly with Bob Susskind, a Managing Director at Houlihan and benefited from his 25 years of experience in the technology sector which include stints at 3com, Palm and Nortel. The firm worked tirelessly with our team throughout the preparation and marketing process. Ultimately, Houlihan's broad contact network enabled us to reach the attention of David Carlick of VantagePoint Venture Partners who has joined our Board of Directors and will be an active participant in our company's growth. Our fund raising process was a resounding success thanks to the collaborative teamwork of Houlihan and Grocery Shopping Network's people."
"GSN is at the forefront of online intelligent ad placement and consumer tracking for the massive food industry. Working with GSN's senior management team has afforded me an inside view of the future of online consumer packaged goods marketing: GSN is that future. I believe GSN will become the 'platform' provider of online intelligent ad placement in the food and grocery market and the source of the most accurate and relevant consumer intelligence ever seen in this market. With GSN's highly sophisticated software platform, intellectual property positions, consumer packaged goods advertising contracts, and partnerships with major supermarket chains and prominent online marketers DoubleClick and Coupons Inc., I think that GSN is in the best position to capture the bulk of the multi-billion-dollar pent-up demand for focused advertising in this market," said Bob Susskind, the Houlihan Managing Director who led the account team.
Grocery Shopping Network provides grocery retailers' Web sites with a suite of proprietary software products that integrate shopping list building, recipes, and meal planning with relevant, focused advertising content. GSN ( http://www.groceryshopping.net ) brings together the Web and in-store supermarket shopping experience. A GSN-powered site enables consumers to seamlessly shop their store, be presented with sales and promotions in the context of the items they are planning to purchase, access and save recipes for the items they plan to purchase, plan meals, and utilize the many discount offers (including coupons) made available by brand manufacturers. GSN is also the provider of the ad inventory via contracts with consumer packaged goods manufacturers and their ad agencies.
About Houlihan Smith & Company
Houlihan Smith & Company, Inc. ( http://www.houlihansmith.com ) is an investment banking firm that provides advisory, financing and valuation services to public and private businesses. Houlihan is a registered broker-dealer and NASD/SIPC Member. Houlihan is affiliated and works closely with Houlihan Valuation Advisors, a leading valuation firm with offices throughout the United States, providing Houlihan with a team of industry experts to efficiently handle complex client engagements.
Houlihan understands the time sensitivity of corporate finance and is able to respond quickly and tenaciously to opportunities. The Houlihan approach creates corporate finance transactions where both business owners and investors mutually benefit. We have the knowledge, experience and relationships to match buyers and sellers, as well as to match the appropriate financing and capitalization structure to each unique client situation. The Houlihan name is synonymous with professional financial expertise and we provide cost-effective fairness and solvency opinions, as well as valuations for tax and financial reporting to some of the largest NYSE/NASDAQ companies, as well as small, privately-held businesses.
Rebecca Carriere Houlihan Smith Advisors 105 W. Madison, Floor 3 Chicago IL 60602 Direct 312.499.5903 Fax 312.499.5901
CONTACT: Rebecca Carriere of Houlihan Smith Advisors, +1-312-499-5903,fax, +1-312-499-5901
Web site: http://www.houlihansmith.com/ http://www.groceryshopping.net/