Meet Group Inc (MEET)

[Snackman]

NEW HOPE, Pa.--(BUSINESS WIRE)--

MeetMe, Inc. (MEET), a public market leader for social discovery, announced today that the California Department of Business Oversight has determined that the terms and conditions of the offer and sale of MeetMe common stock in its proposed merger with Skout, Inc. are fair, and that the Department has issued a permit authorizing MeetMe to issue shares of common stock in the merger. The determination was made at the conclusion of a fairness hearing conducted under Section 25121 of the California Corporations Code.

The issuance of the permit will allow for the shares of MeetMe common stock to be issued in reliance upon an exemption from registration afforded by Section 3(a)(10) of the Securities Act of 1933, as amended, such that MeetMe will not need to register such shares under the Securities Act.

The proposed merger remains subject to the approval of Skout’s shareholders and the satisfaction of certain other customary closing conditions. MeetMe expects the acquisition to close in early October 2016.

MeetMe also announced today that it has repurchased approximately $2 million worth of its common stock in the open market since announcing its $15 million share repurchase program on September 6, 2016.

About MeetMe, Inc.

MeetMe® is a leading social network for meeting new people in the US and a public market leader for social discovery (MEET). MeetMe makes it easy to discover new people to chat with on mobile devices. With approximately 90 percent of traffic coming from mobile and more than one million total daily active users, MeetMe is fast becoming the social gathering place for the mobile generation. MeetMe is a leader in mobile monetization with a diverse revenue model comprising advertising, native advertising, virtual currency, and subscription. MeetMe apps are available on iPhone, iPad, and Android in multiple languages, including English, Spanish, Portuguese, French, Italian, German, Chinese (Traditional and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For more information, please visit meetmecorp.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding whether we will close the acquisition of Skout, Inc. as anticipated. All statements other than statements of historical facts contained herein are forward-looking statements. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “project,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the risk that our applications will not function easily or otherwise as anticipated, the risk that we will not launch additional features and upgrades as anticipated, the risk that unanticipated events affect the functionality of our applications with popular mobile operating systems, any changes in such operating systems that degrade our mobile applications’ functionality and other unexpected issues which could adversely affect usage on mobile devices. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 2015 and the Form 10-Q for the quarter ended June 30, 2016. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

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