Inuvo®, Inc. (NYSE Amex: INUV)
, an online marketing technology and services company and
Vertro, Inc. (NASDAQ: VTRO)
, an online advertising and search company and the owner of the ALOT™ Internet product portfolio, announced today that they have each established a record date for their respective special meetings of stockholders to, among other things, consider and vote upon the proposals contemplated by the previously announced merger agreement, dated as of October 16, 2011, between Inuvo and Vertro.
Each company’s stockholders of record at the close of business on Friday, January 27, 2012 will receive notice of, and will be entitled to vote at, their respective special meeting. Inuvo’s special meeting will be held at 1:00 p.m. local time on February 29, 2012 at Inuvo’s offices at 15550 Lightwave Drive, Suite 300, Clearwater, Florida 33760. Vertro’s special meeting will be held at 9:30 a.m. local time on February 29, 2012 at the Hyatt Regency, Harborview Conference Room, 211 N. Tampa St., Tampa, Florida 33602. Management of both companies expects the merger to be completed shortly after approval by stockholders.
Under terms of the merger agreement, which was unanimously approved by the Board of Directors of each company, at closing of the transaction, Vertro will become a wholly-owned subsidiary of Inuvo in a tax-free exchange of shares at the exchange ratio of 1.546 shares of Inuvo common stock per each share of Vertro common stock.
“Both companies look forward to the closing of the deal upon receipt of stockholder approval later next month,” said Peter Corrao, President and CEO of Vertro. “We eagerly await the ability to begin the integration of the combined company and the execution of our plans to deliver both growth and operating efficiency improvements.”
Richard Howe, President and CEO of Inuvo, added, “We are eager to begin building on a foundation that includes a consumer applications business, a publisher network and a series of owned and operated websites and, as a result, engage with all three principle constituents of the Internet marketplace — consumers, advertisers and publishers.”