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September 26, 2007

Mamma.com Comes Back as Copernic

posted by MR WAVETHEORY at 9/26/2007 11:23:00 AM
The erstwhile search engine company Mamma.com is making a comeback as Copernic (Nasdaq CNIC). Frankly, Mamma.com, fka "the mother of all search engines," was a horrible name, but Copernic is probably even worse. The stock is up over 100% today trading at $3.72 + 1.93. Mamma seems to make big moves every 12 months or so. The last time it did so was on the backs of an AOL distribution deal for its desktop search product, during the 1 month or so when desktop search was all the rage. That petered out quickly. This time, it's rising because the SEC has decided not to prosecute the company for suspicious trading activity back in 2004.

Copernic Inc., (NASDAQ: CNIC), formerly known as Mamma.com Inc., a leader in internet search technology and online advertising, announced that the United States Securities and Exchange Commission (“SEC”) has informed the Company by letter that it has completed its investigation of the Company concerning certain trading in the shares of the Company in 2004, and that the SEC does not intend to recommend enforcement action against the Company.

“The Company is pleased with SEC’s decision to close the investigation,” said David Goldman, Executive Chairman of the Company. “The successful conclusion of the SEC investigation will allow the Company to remain focused on executing its core business strategy in internet search technology and online advertising, for the benefit of its shareholders”

What a colorful company. I still can't figure out what the company does except pay fat salaries to their executives and chase after the latest fad. Revenue is flat. Company is losing money. It seems to exist so that the executives can sell stock every few months or so. :-)

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