Member access

4-Traders Homepage  >  News

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

alex®blueshirtgroup.com

distributed by
React to this article
Latest news
Date Title
3m ago India approves $2.6 billion mounted gun purchase - official
4m ago China continues 'new normal' growth: Morgan Stanley (China continues 'new normal' growth)
4m ago FORD MOTOR : Coscharis Rewards Ford Customers With 4 Years Free Service
13m ago NATURAL ALTERNATIVES : Dr. Tieraona Low Dog to Present at SOHO EXPO 2014
13m ago PRUDENTIAL FINANCIAL : Mark Grier to Lead Achieve Board
13m ago HARTFORD FINANCIAL SERVICES : Older Driver Safety Awareness Week is Dec. 1-5, 2014
14m ago ELI LILLY : National Alliance for Hispanic Health Survey Provides Insights into Hispanic Attitudes Towards Diabetes
14m ago AMERICAN HOTEL INCOME PROPERTIES REIT : AH&LA Calls for Broader Reforms in Wake of President's Immigration Address
14m ago ON MOVE : People on the Move
14m ago ALPA LABORATORIES : to CAPA Summit: Pilots are Ultimate Investors in Building Strong and Competitive Airlines
Latest news
Advertisement
Hot News 
SNOOZEBOX : Providing Temporary Hotel For Premier Oil
FAIRFX : Taps John Pearson To Replace Co-Founder As Chairman (ALLISS)
MOL GLOBAL : ATTENTION MOL GLOBAL SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of MOL Global, Inc.
S&P 500 MOVERS : Gme, rost
FULLER SMITH & TURNER : Pub operator Fuller's first-half profit rises 8 pct
Most Read News
1d ago KATE SPADE : 13 Super Cozy Things on Sale
1d ago Lockheed, Pentagon ink $4.7 billion deal for eighth batch of F-35 fighters
1d ago European Parliament may propose Google break-up in draft resolution
1d ago VISA : sees Visa Europe option now costing more than $10 billion
1d ago ALDAR PROPERTIES PJSC : Demand for units in Abu Dhabi's tallest tower remains strong
Most recommended articles
3m ago India approves $2.6 billion mounted gun purchase - official
1d ago WEEKLY TRADING FORECAST : Volatility Keeps Boiling in the FX Market
1d agoDJWireless Carriers Bid Up US Airwaves To Record
1d ago Dollar May Not Have a Quiet Thanksgiving...
1d agoDJGRAIN HIGHLIGHTS : Top Stories of the Day
Dynamic quotes  
ON
| OFF