Attached files
| file | filename |
|---|---|
| 8-K - Vertro, Inc. | v211671_8k.htm |
VERTRO
ANNOUNCES STOCK REPURCHASE PROGRAM
NEW YORK, NY, Feb 15, 2011 —
Vertro, Inc. (NASDAQ: VTRO) today announced that its Board of Directors
has approved a stock repurchase program that authorizes the Company to
repurchase up to $1.0 million of its common stock over a period
of one year, based upon market conditions and other factors. The
Company expects to use existing cash or cash from operations to finance any
transactions. Repurchases will be made in accordance with applicable securities
law in the open market or through privately negotiated transactions at the
Company’s discretion. Any repurchases under the program may be made
up to February 15, 2012 unless extended by the Board of Directors, and may be
suspended or discontinued at any time without prior notice. As of November 3,
2010, there were 7,030,555 shares of the Company’s Common Stock
outstanding.
"This new
stock repurchase program underscores our confidence in the long-term strength of
our business,” said Peter Corrao, Vertro’s President and CEO. "We believe
repurchasing our stock demonstrates our commitment of returning value to our
shareholders."
www.vertro.com
About
Vertro, Inc.
Vertro,
Inc. (NASDAQ: VTRO) is an Internet company that owns and operates the ALOT
product portfolio. Through ALOT, consumers can discover apps which they can
display through three specific products: ALOT Appbar, ALOT Toolbar and ALOT
Home. These apps are developed in-house and by third party app developers and
are designed to enhance the way people interact with content online. ALOT has
millions of 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 future performance 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
successfully execute upon our corporate strategies, (2) our ability to
distribute and monetize our international products at rates sufficient to meet
our expectations, (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 Q3
2010.
Contact:
Alex
Vlasto, VP Marketing and Communications
646-253-0627
Alex.vlasto@vertro.com
OR
ICR,
Inc.
Denise
Garcia, SVP
203-682-8335
Denise.Garcia@icrinc.com