ZipRealty Files Shelf Registration
January 17 2014 - 5:30PM
EMERYVILLE, Calif.,
Jan.17, 2014 - ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ:
ZIPR) today announced that is has filed a shelf registration
statement on Form S-3 with the Securities and Exchange Commission
(SEC). When declared effective by the SEC, the registration
statement will allow ZipRealty to issue various types of equity
securities, including common stock, preferred stock, and warrants
to purchase any of such securities, from time to time up to an
aggregate amount of $50 million. In addition, selling
shareholder Benchmark Capital may from time to time sell up to
about 4.2 million shares of common stock.
Lanny Baker, ZipRealty President and Chief
Executive Officer, said, "Filing a shelf registration is a prudent
step to provide additional financial flexibility for the Company.
Although we do not have immediate plans for raising and using
this additional capital, we anticipate that a shelf registration
will provide more efficient access to the capital markets and allow
the Company to act opportunistically in support of our growth
objectives."
After the shelf registration statement becomes
effective, the Company may offer and sell such securities through
one or more methods of distribution, subject to market conditions
and ZipRealty's capital needs. The terms of any offering
under the shelf registration statement will be established at the
time of such offering and will be described in a prospectus
supplement filed with the SEC prior to completion of the
offering.
A registration statement relating to these
securities has been filed with the SEC but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell
or a solicitation of an offer to buy, nor shall there be any sale
of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
Any offering of the securities covered under the shelf registration
statement will be made solely by means of a prospectus and an
accompanying prospectus supplement relating to that offer.
About ZipRealty,
Inc.
ZipRealty is a leading national real estate
brokerage and provider of proprietary technology and comprehensive
online marketing tools for the residential real estate brokerage
industry. For home buyers and sellers who increasingly want
control, choice and a seamless, customized service, ZipRealty
offers Internet-enabled, state-of-the-art technology and complete
access to accurate, timely information via their website and mobile
applications, which real estate professionals can combine with
their own local knowledge and personal expertise to offer an
exceptional start-to-finish client experience. For real estate
professionals who seek more productive ways to conduct business,
ZipRealty provides technology and online marketing tools to enhance
their online sales channel, including lead generation, conversion
and service of their clients. ZipRealty`s technology and online
marketing products serve its full-service, owned-and-operated
residential real estate brokerage business in 19 markets
nationwide, as well as its Powered by Zip network of leading
third-party local brokerages in 20 markets.
Cautionary
Language
This release contains forward-looking statements
within the meaning of the "safe harbor" provisions of the federal
securities laws, including, without limitation, statements
regarding the impact of the filing of a Form S-3 shelf registration
on the Company's financial flexibility and access to capital
markets. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected, including those risk factors set forth in the
Company's Form 10-K for the year ended December 31, 2012. The
forward-looking statements included in this release are made as of
today's date and, except as otherwise required by law, ZipRealty
does not intend to update these forward-looking statements to
reflect events or circumstances after the date hereof.
Media Contact: Stacey
Corso
510.735.2667
scorso@ziprealty.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ZipRealty via Globenewswire
HUG#1755560
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