From Yahoo! News:
CGI Holding Corporation has acquired privately-held Personals Plus, Inc., the owner of several online dating and relationship websites. The acquisition is expected to significantly expand CGI’s customer base in the area and to provide synergies between the websites that the combined companies will offer. The Company estimates that Personals Plus will add approximately $1 million per year in pre-tax earnings to the Company, and expects the merger to be immediately accretive to its earnings. The purchase price was $2,262,500 in cash plus 426,244 shares of the Company’s restricted common stock. The Company has also issued warrants to purchase an aggregate of 60,000 shares of the Company’s restricted common stock at $5.30 per share to the stockholder of Personals Plus.
CGI Holding Corporation also owns Websourced, which in turn owns Cherish.com. I spoke with Cherish GM Steve Winkler a few weeks ago and will share some of our conversation in the near future. CGI is quite an interesting company, up to few years ago was known as North Star Petroleum and also has ties to the adult site biz through their acquistion of Webcapades last summer.
