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Cyberplex.com (TSX:CX) is Canada’s largest CPA network with a fairly blue-chip customer base including RBC and Jaguar along with net giants like eHarmony and Netflix. They’ve been pretty aggressively growing revenues and earnings over the past couple years and for awhile I counted myself a shareholder. I sold my position last year when they announced their acquisition of Tsalvo (which was once upon a time Geosign). It was highly dilutive to shareholders (expanding the shares outstanding from roughly 80M to 120M+) and I’m not a fan of traffic arb plays because the earnings (while often explosive) are extremely volatile. Read more »

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It was just pointed out to me that Banks.com has entered into a sale/leaseback arrangement with Domain Capital for their flagship domain, banks.com.

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In Brief: Demand Media has filed an amended S1 to their IPO. I don’t have a lot of time to look at the differences, but I thought I’d mention it for those who are interested. Could make for some interesting weekend reading.

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Tucows has just announced another Dutch Auction to repurchase 2,900,000 shares of it’s stock in a Dutch Auction ranging from .61 to .70 / share, commencing next week.

This comes on the heels of a long line of regular share repurchases and another Dutch Auction last year. Tucows has been steadily reducing its outstanding shares for a few years now.

Disclosure: Long Tucows.

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Briefly: Tucows just posted their second quarter results. While net revenues and deferred revenues were up modestly, they posted a loss on forex losses (read: weak US dollar) and because the second quarter from last year included one-time items like their divestment from Afilias and a patent assignment.

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Marchex (Ticker MCHX) recently announced that they will start paying a quarterly dividend of .02 per share, which at today’s closing price gives it a 1.7% yield. I was holding off commenting on this until the earnings came out, which happened today, as reported on TheDomains. After squeaking in a very negligible profit last quarter, they sunk back into loss territory this one. Which brings us to the one problem about the dividend:

Where are the earnings that they will supposedly come out of?

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After the recent news that Live Current raised $375K in a private placement, word arrived today that they closed another private placement yesterday: 46 more units for $225,000. That means an additional 2.3M shares (close to 10% of the shares out) and then 2.3M more warrants convertible into shares @ .15 cents within the next 2 years.

The earlier private placement was covered at Domain Name Wire with some follow-on analysis here.

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As observed in DomainNameWire today, Live Current completed a private placement, selling 74 units consisting of 50,000 shares each for total proceeds of $370,000. Based on the current shares outstanding (roughly 24,000,000) this amounts to a 15% dilution of current shareholders. The units also include warrants to purchase an equal number of shares at .15 within 2 years. If Live Current manages to lift the stock price above that level, it will further dilute shareholders another 13%, based on the the number of shares outstanding of 27,700,000. Read more »

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Shadowstock is a another very interesting niche blog that covers “Deep Value Micro Cap Investing” and I’ve been following it for awhile. Once of his more recent ideas as a possible Ben Graham net/net is Looksmart (Nasdaq:LOOK), the “second tier” Pay-Per-Click search engine.

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The odd story of Pacific Webworks (ticker PWEB) took another turn a couple weeks ago when a judge threw out Google’s claim that the company was behind those incessant “earn money from Google working from home” scams you see all over the internet. Now that they have this monkey off their back, they’re trading at a 1.02x trailing earnings.

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