Designated Driver Service STEARCLEAR Acquires EatDrink New Jersey
(Marketwire Via Acquire Media NewsEdge) WYCKOFF, NJ -- (Marketwire) -- 11/07/12 --
STEARCLEAR, a smartphone operated designated driver service based in New Jersey, acquired EatDrink New Jersey (EDNJ) in a cash plus equity deal. EatDrink NJ is a hyper-local restaurant discount service accessed through a smartphone application and website. As part of the deal, company founder David A. Liebler joined StearClear as chief marketing officer and board member. StearClear, which operates on a franchise system, plans on offering EatDrink franchises across the country in Q1 2013.
StearClear purchased EatDrink NJ because of its complementary business model and a great deal of symmetry between the two companies. EatDrink targets the same customers, partners and sponsors as StearClear, and provides an additional revenue stream from all three to the company and their franchise owners. The EatDrink model differs greatly from that of Groupon and other discount services offered today. With EatDrink, merchants set their everyday discounts (a minimum of 10%) and exclusive deals then keep 100% of the check. The company collects a modest upfront fee from the merchants to be on the network and in the smartphone app and then a click fee each time a discount is used.
"In the EatDrink model everyone wins. Customers tap into great discounts and deals, merchants attract new customers in a profitable way and franchisees can earn passive income by linking those two together," said Craig Sher, CEO and founder of StearClear. "Franchisees will be the key to making EatDrink successful. They are the missing link in the hyper-local services market by having feet on the ground and building personal relationships with the merchants they serve."
StearClear plans to leverage its technology platform to convert all EDNJ's customers to the smartphone app by the end of the year, which can be found on both the iPhone and Android platforms. The company plans to have 250 merchants in NJ by the end of 2012 along with 50,000+ users and start franchising opportunities in 2013.
"It's been a great experience working with EatDrinkNJ.com. Their online presence provides valuable promotion for our specials and upcoming events," said Sean McGarr from the Village Pourhouse in Hoboken. "They've provided excellent coverage of events at Village Pourhouse, they've had photographers and videographers on site and coordinated happy hours with us for their readers."
EatDrink New Jersey was founded in 2009 by David A. Liebler as EatDrinkHoboken, a website that tracked the daily specials of the nearly 100 bars and restaurants in Hoboken. It evolved in 2012 as EatDrinkNJ.com to provide everyday discounts and exclusive deals from the bars and restaurants along with a VIP card that provided users with a 10% discount every day at all participating locations, special VIP events and additional exclusive deals.
About STEARCLEARSTEARCLEAR is a technology company dedicated to providing "last mile" services to consumers and businesses using smartphone applications and sophisticated GPS technology. Its flagship designated driver service provides customers with one-touch access to local driver teams that pick them up and get them and their car home safely and responsibly. STEARCLEAR franchise opportunities are available across in North America, EMEA, Australia and South Africa. More information can be found at www.stearclear.com.
About EatDrink New JerseyEatDrink New Jersey is the state's resource for exclusive deals and discounts, along with the latest happy hours and daily specials of New Jersey's restaurants, bars and nightclubs. EDNJ is available as an app for iPhone and Android, offering GPS enabled location finding to redeem everyday discounts on bars and restaurants within New Jersey. Merchants set their discounts and special deals through EDNJ and keep 100% of the check. EatDrink collects a small set-up fee from merchants to be in the network and then a click fee every time a discount is utilized. Go to www.eatdrinknewjersey.com for more information.
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