Vertro, Inc. Regains NASDAQ Compliance
NEW YORK, NY--(Marketwire - 09/01/10) - Vertro, Inc. (NASDAQ:VTROD - News) today announced that NASDAQ has notified the Company that it regained compliance with the minimum $1.00 per share bid price requirement for continued listing, and further, that it complies with all other applicable standards for continued listing on The NASDAQ Capital Market. Accordingly, the Company will continue to be listed on The NASDAQ Capital Market.
As previously announced, following a hearing before a NASDAQ Listing Qualifications Panel (the "Panel"), the Panel determined to continue the Company's listing subject to the condition that, on or before September 13, 2010, the Company evidence a closing bid price of $1.00 per share or more for at least the ten prior consecutive trading days, among other things. On August 31, 2010, the Company's closing bid price was $2.00 per share, the tenth consecutive day it had exceeded the $1.00 per share threshold. Accordingly, the Company satisfied the Panel's condition and the bid price deficiency has been cured.
"We're delighted to have regained compliance with all applicable NASDAQ standards and to be focusing our efforts on growing our user base and revenue," commented Peter Corrao, Vertro's President and CEO. "We are enjoying sustained growth in our user base as we move through the third quarter, and continue to expect to achieve double digit sequential quarterly revenue growth."
Vertro's shares will continue to trade on NASDAQ under the symbol "VTROD" until the close of trading on Wednesday, September 15, 2010, at which point the fifth character "D" will drop off and the symbol will revert to "VTRO." The temporary addition of the letter "D" to Vertro's trading symbol is to indicate that a reverse stock split has occurred.
www.vertro.com
About Vertro, Inc.
Vertro, Inc. is an Internet Company that owns and operates the ALOT product portfolio. ALOT's products are designed to 'Make the Internet Easy' by enhancing the way consumers engage with content online. Through ALOT, Internet users can discover best-of-the-web third party content and display that content through customizable toolbar, homepage and desktop products. ALOT has millions of live users across its product portfolio. Together these users conduct high-volumes of type-in search queries, which are monetized through third-party search and content agreements.
Source: VTRO-G
Forward-looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe," or "expect" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of our ability to maintain our listing on The NASDAQ Capital Market and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including (1) our ability to comply with NASDAQ Capital Market requirements, (2) our ability to successfully execute upon our corporate strategies, (3) our ability to develop and successfully market new products and services, and (4) the potential acceptance of new products in the market. Additional key risks are described in Vertro's reports filed with the U.S. Securities and Exchange Commission, including the Form 10-Q for Q2 2010.
Contact:
Alex Vlasto
VP, Marketing & Communications
646.253.0627
