SEL: WebSourced Parent Completes $15.05 Million Private Placement

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Search marketing in the new media era.

December 07, 2004

WebSourced Parent Completes $15.05 Million Private Placement

We're going hunting for some additional acquisitions! ;-)

CGI Holding Corporation (OTCBB: CGIH ; the "Company") today announced that the Company has raised gross proceeds of $15.05 million through a private placement of its common stock and warrants.

"This financing provides us with the flexibility to pursue many of the highly accretive and strategic acquisition opportunities we continue to identify," said Gerard M. Jacobs, the Company's CEO. "We have reached the breakout point in our strategy to expand CGI's businesses, revenues and profits."

"With our rapidly expanding base businesses and over $17.9 million in cash in the bank, we are extremely well positioned to grow the Company internally and via a series of acquisitions," said T. Benjamin Jennings, the Company's Chairman. "Our acquisition pipeline is full, and we expect to extend our leadership position in online and traditional advertising and marketing, driven by our search engine marketing, online dating, and other complementary businesses."

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