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Business Observer Thursday, Jun. 23, 2011 11 years ago

Inuvo raises $3M in stock sale

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The Clearwater firm will use the proceeds to fund sales and marketing.

CLEARWATER — Inuvo Inc. (symbol: INUV) raised $2.7 million this week through the sale of 1.35 million shares of its common stock at its June 20 closing price of $2.

The firm also sold 675,000 five-year warrants for future purchases, exercisable at a price of $2.20, according to an official statement.

The Clearwater-based Internet sales firm says it will invest the proceeds from the sale in its own sales and marketing operations. CEO Richard Howe says the successful sale is a demonstration of investors' “continued confidence” in the company's future.

Inuvo generated $49 million in revenues in 2010, but ended the year with more than $4 million in operating losses, after selling, general and administrative expenses cost the company $18 million.

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