Meetup having financial trouble?

I got this email from Seattle Backpackers Meetup. Either this is a serious PR problem they need to address, or Google, Yahoo, or another has a nice acquisition ahead of them.

[backpackers-114] Meetup is going out of business

#1....IF....meetup closes the doors we will divert our URL http://www.seattlebackpackers.com and http://www.seattlebackpackers.org to our new social event management web site.

It has not happened yet but this is our plan:

We already have new "meetup-ish-style social event account set up and ready to go. If something happens you will not loose access to our organizers or events they will just be on a new platform. We do not want to move and will only do so if meetup disintegrates.

If you want to be on my direct notification list please send your name and direct email address to info@seattlebackpackers.com and you will be on my "Special meetup issues" email list. If meetup closes I will have no way to get ahold of you so this might be a good idea if you want to stay in the loop on this issue. I will not send you anything that is not directly related to this meetup issue or migration to a new service.

Why I am concerned:

When owner of Meetup Scott Heiferman met with some of us organizers a couple of months ago here in Seattle he very specifically stated that meetup is funded by a large 3rd party internet company and has not turned a profit for them yet. They have upped the efforts to become profitable with "Sponsored" links where in Meetup Corporate receives $5.00 a month from the sponsors. It does not seem to be going very well as most meetups are not seeing the benefit and not accepting the sponsorship.....