IRVINE, Calif.--Autobytel Inc. (Nasdaq: ABTL - News), a leading Internet automotive marketing services company, today announced that it has ended its evaluation of a possible sale of the company. The company will continue to evaluate other strategic alternatives with its financial advisor, RBC Capital Markets.
“During the past few months, the company has engaged in an evaluation of various strategic alternatives, including the possible sale of the company,” said Autobytel President and CEO Jeffrey H. Coats. “After an extensive process, the company has concluded that shareholder value would not be maximized by a sale of the company in today’s environment. In arriving at this decision, the Board evaluated the strength of the company’s core leads business and its balance sheet with over $28.5 million of cash. During 2009, we will focus on Autobytel’s core strengths. The company’s balance sheet provides a solid foundation for growth.”
About Autobytel Inc.
Autobytel Inc. (Nasdaq: ABTL) is an Internet automotive marketing services company that helps dealers and manufacturers sell cars and related products and services. The company owns and operates several consumer-facing automotive websites, including Autobytel.com®, AutoSite.com®, Autoweb.com®, Car.comsm, CarSmart.com®, CarTV.com® and MyRide.com®. By providing a convenient and comprehensive automotive consumer experience across the purchase and ownership lifecycle, Autobytel seeks to provide dealerships with opportunities to connect with a steady, diverse stream of motivated, serious shoppers, while providing manufacturers with precision-targeted brand and product advertising opportunities. In addition to its websites, the company generates leads and advertising opportunities for dealers and automakers through its marketing network, which includes the AutoReach ad network, co-brands, such as ESPN.com, and marketing affiliates such as AOL, Edmunds and Kelley Blue Book.
Forward-Looking Statement Disclaimer
The statements contained in this press release that are not historical facts are forward-looking statements under the federal securities laws. These forward-looking statements, including statements regarding further stabilization and growth of the company, are not guarantees of future performance and involve certain assumptions and certain risks and uncertainties that are difficult to predict. Actual outcomes and results may differ materially from what is expressed in, or implied by, such forward-looking statements. Autobytel undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements are changes in general economic conditions, the economic impact of terrorist attacks or military actions, increased dealer attrition, pressure on dealer fees, increased or unexpected competition, the failure of new products and services to meet expectations, failure to retain key employees or attract and integrate new employees, that actual costs and expenses exceed the charges taken by Autobytel, changes in laws and regulations, costs of legal matters, including, defending lawsuits and undertaking investigations and related matters, and other matters disclosed in Autobytel's filings with the Securities and Exchange Commission. Investors are strongly encouraged to review our Annual Report on Form 10-K for the year ended December 31, 2007 and other filings with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of our stock.