(Online Dating Industry Journal) Canadian online dating service Lemontonic is being acquired by Silverback Media for $15.2 million (Canadian) in company shares. Lemontonic is relatively new to the online dating scene, opening in February 2004 and bringing in only $7,815 in subscriber revenue in fourth quarter of 2004. Lemontonic had been part of Lemontonic, Inc. which recently has been trading for around 15 cents a share (TSX-V: LEM). Lemontonic is headquartered in Toronto, Canada. On Canada's Business Report, Lemontonic CEO Mark Pavan addressed what he felt made Lemontonic unique.
"First and foremost we're the only online dating site worldwide to be powered by the Microsoft Instant Messenger Technology Engine," says Pavan. "So we built a customized application on top of that engine which allows us to stream voice and video and actually have real time live video conferences with our members. And nobody else, frankly, can do that."
Lemontonic has striven to reach a 50/50 ratio between men and women and is slightly lower in women, but still close to 50%, according to Pavan. Lemontonic has been trying to stay away from what it calls "sleaze" by positioning itself as wholesome and safe. Toronto is the largest market for Lemontonic users.
Lemontonic is going through a reorganization period expected to conclude in August with net cash assets being approximately $850,000.
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