), (“Inuvo”), an online marketing technology and services company and Vertro, Inc. (NASDAQ:
), (“Vertro”), an online advertising and search company and the owner of the ALOT™ Internet product portfolio, announced the closing of their merger effective March 1, 2012 after having received approval at the special meetings of stockholders of each company on February 29, 2012.
As a result of the merger, Vertro is now 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. Inuvo’s common stock is listed on the NYSE Amex and will continue to trade under the symbol of INUV. Shares of Vertro common stock, which previously traded under the symbol “VTRO,” have ceased trading on, and are being delisted from, the NASDAQ Capital Market.
Inuvo also announced the changes to its board of directors and executive leadership team. As contemplated by the merger agreement, Mitchell Tuchman and John (Jack) Balousek have resigned as directors of Inuvo, and Mr. Joseph P. Durrett, Dr. Adele Goldberg and Peter Corrao have joined the Inuvo board of directors. Richard K. Howe, who served as President and CEO of Inuvo before the merger, has been appointed Executive Chairman of the Board of Inuvo and Peter Corrao, President and CEO of Vertro has been appointed President and CEO of Inuvo. Also as a result of the merger, Inuvo has relocated its headquarters to Vertro’s offices at 143 Varick Street, New York, NY 10013.
Richard K. Howe, Executive Chairman of Inuvo, said, "We are very pleased that our respective stockholders approved the deal. The company’s management team can now begin executing on the integration plans and I have complete confidence in Peter’s ability to lead the team.”