Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Motricity Inc. : Motricity and Voltari Announce Completion of Reorganization Transaction

04/09/2013 | 06:45pm US/Eastern

April 9, 2013

Motricity and Voltari Announce Completion of Reorganization Transaction

NEW YORK, April 9, 2013 (GLOBE NEWSWIRE) -- Voltari Corporation ("Voltari") and Motricity, Inc. ("Motricity") (Nasdaq:MOTR), today announced the consummation of a Reorganization intended to protect the long-term value of Motricity's substantial net operating loss carryforwards.
Upon completion of the Reorganization, Motricity became a wholly owned subsidiary of Voltari, which replaces Motricity as a publicly held corporation. It is anticipated that, as of April 10, 2013, shares of Voltari Common Stock will commence trading on the NASDAQ Capital Market under the symbol "VLTC."
Pursuant to an Agreement and Plan of Reorganization by and between Motricity, Voltari and Voltari Merger Sub, Inc., adopted by Motricity stockholders at a special meeting held on April 9, 2013, Motricity became a wholly owned subsidiary of Voltari, each outstanding share of common stock of Motricity ("Motricity Common Stock") was converted into the right to receive one share of common stock of Voltari ("Voltari Common Stock"), each outstanding share of preferred stock of Motricity became the right to receive one share of preferred stock of Voltari, each outstanding warrant to purchase shares of Motricity Common Stock became the right to receive a warrant to purchase an equivalent number of shares of Voltari Common Stock, and each option
to purchase shares of Motricity Common Stock was assumed by Voltari and became exercisable for an equivalent number of shares of Voltari Common Stock. Each share of Voltari Common Stock is subject to certain transfer restrictions (that were not applicable to Motricity Common Stock) prohibiting transfers having the effect of increasing the ownership of Voltari Common Stock by (i) any person from less than 5% to 5% or more or (ii) any person owning or deemed to own 5% of more of Voltari's Common Stock.
The directors and executive officers of Voltari immediately following the Reorganization are the same individuals who were directors and executive officers of Motricity immediately prior to the Reorganization.
Upon completion of the Reorganization, Voltari Common Stock was deemed to be registered under Section 12(b) of the
Securities Exchange Act of 1934, as amended, pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12-g
3(a), Voltari is the successor issuer to Motricity.

About Voltari

Voltari empowers mobile operators, brands and advertising agencies to maximize the reach and economic potential of the mobile ecosystem through the delivery of relevance-driven merchandising, marketing and advertising solutions. Voltari leverages advanced predictive analytics capabilities to deliver the right content, to the right person at the right time. Voltari provides their entire suite of mobile data service solutions through one, integrated, highly scalable managed service platform. Voltari's unique combination of technology, expertise and go-to-market approach delivers return-on-investment for our mobile operator, brand and advertising agency customers. For more information, visit www.voltari.com or follow @voltari on Twitter.

Safe Harbor and Forward-Looking Statements

Statements made in this report and related statements that express Voltari's or its management's intentions, indications, beliefs, expectations, guidance, estimates, forecasts or predictions of the future constitute forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, and relate to matters that are not historical facts. They include, without limitation, statements related to whether and when the Voltari Common Stock will trade on NASDAQ. These statements represent beliefs and expectations only as of the date they were made. The Company may elect to update forward-looking statements but expressly disclaims any obligation to do so, even if its beliefs and expectations change. Actual results may differ from those expressed or implied in the forward-looking statements.
Such forward-looking statements involve and are subject to certain risks and uncertainties that may cause our actual results to differ materially from those discussed in a forward-looking statement. These include, but are not limited to the uncertainties described more fully in the Company's filings with the SEC.

CONTACT: Investor and Media Contact: Alex Wellins

The Blueshirt Group

(415) 217 - 5861


distributed by
React to this article
Latest news
Date Title
02:54a JBS : Material fact - jbs announces the cancellation of shares held in treasury
02:54a JBS : MATERIAL FACT - JBS Announces the Conclusion of the Acquisition of Moy Park
02:44a LIGHT : Closing of the first phase of the transaction of the Wind assets of Renova Energia SA
02:43a AntWorks acquires U.S.-based Benchmark Systems
02:29a METTLER TOLEDO : Wins 2015 Control Design Readers' Choice Award (Press Release)
02:29a EQ : real estate funds acquired properties for 57 million euros
02:25a PHILIPPINE LONG DISTANCE TELEPHONE : UP-Navy tiff opens Shakey's V-L season
02:25a PETRON : Super imports grace Super Liga GP kickoff
02:24a HONDA MOTOR : sales soar in September
02:24a HOME RETAIL : Can Argos beat Amazon at its own game?
Latest news
Hot News 
6D GLOBAL TECHNOLOGIES : SIXD Levi & Korsinsky, LLP Announces the Commencement of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of 6D Global Technologies, Inc.
ADGORITHMS : Annual Earnings To Miss Expectations On Market Disruption
UTi Announces Agreement to be Acquired by DSV in Transaction Valued at $1.35 Billion
SMART TECHNOLOGIES : Updates Financial Outlook and Announces Strategic Review
SOLARWINDS : DameWare Remote Support Enhances Over-the-Internet Desktop Troubleshooting Capabilities
Most Read News
10/09 NASDA NATIONAL ASSOCIATION OF STATE DEPARTMENT O : South Carolina: Statement from Commissioner Hugh Weathers about Rain Damage
10/09 GOMEZ TRIAL ATTORNEYS : and Baron & Budd, P.C. File More Butte Wildfire Lawsuits
10/09 Goldberg Law PC Announces an Investigation of Claims Against Ocean Rig UDW Inc. on Behalf of Investors
10/09 IMPORTANT INVESTOR DEADLINE : Goldberg Law PC Reminds Investors With Losses in Volkswagen AG of November 24, 2015 Deadline
10/09 NAVIENT Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Navient Corporation; Investors Encouraged to Contact the Firm
Most recommended articles
01:06aDJTV Trouble for Millions of Viewers as Dish, Tegna Hit Stalemate
10/09 Top Sectors and Industries To Watch During 3Q US Earnings
10/09 VOLKSWAGEN : Mexico expects first results in Volkswagen probe in three months
10/09 WEEKLY TRADING FORECAST : Will a Rebound in Equities Hobble the Dollar and Lift Carry Currencies?
10/09 US Dollar Risks Major Bearish Reversal after Worst Drop in 4 Months