IRVINE, Calif., April 24, 2009 -- Autobytel Inc. (Nasdaq:ABTL), a leading automotive marketing services company, today announced that its Board of Directors has amended and restated its existing stockholder rights plan to adjust the plan to reflect changes both in market practices relating to stockholder rights plans and in the stock price for the Company’s common stock since the adoption of the stockholder rights plan. Among other changes, the amended plan decreases the exercise price of the preferred share purchase rights to $1.40 from $65.00. The reduced exercise price will allow all rightsholders, other than a hostile acquiror, to buy $2.80 worth of the Company’s common stock for $1.40 upon certain triggering events described in the stockholder rights plan. In addition, the exchange provision has been amended to give the Board of Directors the option after a person becomes an acquiring person under the stockholder rights plan to exchange at any time each right held by stockholders other than the acquiring person for one share of common stock. In effecting an exchange, the amended plan will also allow Autobytel to enter into a trust agreement in order to facilitate an orderly exchange of the rights for common stock.
For details on these amendments, including a copy of the amended and restated stockholder rights plan, please see Autobytel's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 regarding this matter.
About Autobytel Inc.
Autobytel Inc. (Nasdaq:ABTL) is an automotive marketing services company that assists automotive dealers and manufacturers sell cars. By connecting consumers to automotive dealers and manufacturers through internet lead referral programs and on-line advertising, the Company provides automotive dealers and manufacturers with opportunities to efficiently market their vehicles to potential customers. Autobytel Inc. ("Autobytel" or the "Company") purchases from third party sites and generates from its owned websites consumer internet requests for pricing and availability for new and used vehicles as well as for vehicle financing (these consumer internet requests are referred to as "Leads"). The Company sells the Leads primarily to its automotive dealer and manufacturer customers. Leads are purchased from a network of supplier websites, such as Edmunds.com, Kelley Blue Book and Yahoo!. The Company owns consumer-facing automotive websites, including Autobytel.com(r), Autoweb.com(r), AutoSite.com(r), Car.com(sm), CarSmart.com(r), CarTV.com(r), and MyRide.com(r), that provide consumers with information and tools to aid them with their automotive purchase decisions. In addition to advertising opportunities on its owned websites, the Company provides advertising opportunities for automotive manufacturers and other automotive advertisers through the Company's marketing network, which includes the automotive sections of third party co-branded websites operated by the Company, such as ESPN.com and the Company's AutoReach advertising network.
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 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 financial condition of automobile manufacturers and dealers, 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, 2008 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.