Vertro, Inc. Regains NASDAQ Compliance
September 01 2010 - 5:49PM
Marketwired
Vertro, Inc. (NASDAQ: VTROD) 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.
Alex Vlasto VP, Marketing & Communications 646.253.0627
Email Contact
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