IRVINE, Calif., July 19, 2007 -- Autobytel Inc. (Nasdaq:ABTL), a leading Internet automotive marketing services company, announced today, in accordance with NASDAQ rules, that between April 3, 2007 and July 2, 2007, it made stock option inducement grants under the 2006 Inducement Stock Option Plan to purchase 142,500 shares of common stock of Autobytel in connection with hiring 44 individuals to become employees of Autobytel. The exercise prices for such options range from $3.57 to $4.34 per share of common stock, and are equal to the closing market price of Autobytel's common stock on The NASDAQ Global Market on the respective date of grant.
Assuming such individuals remain actively employed by Autobytel through each stated respective anniversary date, then such options vest, as to one-third, on the first anniversary of the respective date of grant, and 1/36th on each monthly anniversary thereafter ending on the third anniversary of the respective date of grant. The options may be exercised once they vest.
About Autobytel Inc.
Since launching the first car-buying website in 1995, Autobytel Inc.'s (Nasdaq:ABTL) mission has been to empower automotive consumers with the tools and information they need to make smart, well-informed vehicle purchasing and ownership decisions. The company has helped millions of car shoppers and generated billions of dollars in car sales for dealers. Today, the company's innovative, consumer-driven flagship site, MyRide.com, currently available in a public Beta Edition, expands the company's mission across the automotive purchase and ownership life cycle to meet the wide-ranging auto-related needs and interests of today's Internet-savvy automotive community. As the first vertical search experience for the automotive marketplace, MyRide.com delivers relevant, well-organized search results from across the web, integrated with entertaining multi-media and user-generated content on topics ranging from purchasing and aftermarket, to ownership and enthusiasm.
By providing a convenient and comprehensive automotive consumer experience across the purchase and ownership lifecycle, Autobytel provides new value and touch-points for automotive marketers. Through MyRide.com and Autobytel's marketing network, the company connects dealerships with a steady, diverse stream of exceptionally motivated, serious shoppers, while providing both dealers and manufacturers with precision-targeted brand and product marketing opportunities. The company's advanced web-based advertising and marketing programs also help dealers and manufacturers build relationships with customers, as well as help them to efficiently manage and convert online business.