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Inuvo, Inc. (INUV) ConversionPoint and Inuvo Joint Call Transcript

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Inuvo, Inc. (NYSEMKT:INUV) ConversionPoint and Inuvo Joint Call November 7, 2018 4:30 PM ET

Executives

Sean Mansouri – CFA, Director, Liolios

Richard Howe – Chairman and Chief Executive Officer

Robert Tallack – Chief Executive Officer, ConversionPoint Technologies, Inc.

Raghu Kilambi – Chief Financial Officer, ConversionPoint Technologies Inc.

Wally Ruiz – Chief Financial Officer

Analysts

Lisa Thompson – Zacks Investment Research

Timothy Klein – Lake Street Capital Markets, LLC

Jon Hickman – Ladenburg Thalmann Financial Services Inc.

Operator

Welcome to the Inuvo and ConversionPoint Strategic Combination Conference Call. Today’s conference is being recorded.

At this time, I would like to turn the conference over to Mr. Sean Mansouri of Liolios. Please go ahead, sir.

Sean Mansouri

Thank you, and good afternoon. I’d like to thank everyone for joining us today for the Inuvo and ConversionPoint strategic combination conference call. Today, Inuvo’s Chief Executive Officer, Richard Howe and Chief Financial Officer, Wally Ruiz will be attending and are joined by ConversionPoint’s Chief Executive Officer, Robert Tallack and Chief Financial Officer, Raghu Kilambi.

Before we begin, I’m going to review the Company’s Safe Harbor statement. The statements in this conference call that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to risks and uncertainties and actual results may differ materially. When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to Inuvo are as such a forward-looking statement.

Investors are cautioned that all forward-looking statements involve risks and uncertainties which may cause actual results to differ from those anticipated by Inuvo at this time. In addition, other risks are more fully described in Inuvo’s public filings with the U.S. Securities and Exchange Commission, including our Form 8-K filed on November 5, 2018, Form 8-K filed November 7, 2018, and Form 10-Q filed November 7, 2018 which can be reviewed at www.sec.gov.

With that, I’ll now turn the call over to CEO, Richard Howe. Rich?

Richard Howe

Thank you, Sean, and thanks everyone for joining us today. We are exceptionally enthusiastic to discuss the impending combination of two great companies, Inuvo and ConversionPoint Technologies. ConversionPoint specializes in delivering world-class eCommerce technology solutions to leading global brands and retailers. They have offices in Newport Beach and Emeryville California, as well as an office in Minneapolis.

They did about $50 million of revenue in their audited 2017 financials, and were recently named by Inc. Magazine as one of the top 100 fastest growing private companies in the United States. They have existing integrations at well-known online retailers like Walmart.com and officedepot.com, have well-respected shareholders that include Menlo Ventures, Granite and IBM.

As we have stated in the past, our artificial intelligence platform has the potential to fundamentally change the way behavioral information is collected and used. We believe it is a game changer with respect to Big Data and Artificial Intelligence and is now expected to serve as a growth accelerator for the combined company.

Inuvo has been searching for a partner that had existing relationships that could be leveraged, access to capital and a market where the technology and data behind our IntentKey and ValidClick platforms could be better monetized and where value better reflected the intellectual property we have developed and patented.

We knew we had exceptional capabilities, we’ve just needed more capital and/or a partner that could help us leverage those capabilities. Our thesis for the combination was simple; Inuvo sits on intent data and has access to tens of thousands of Ads through relationships with the biggest tech and media companies in the world.

ConversionPoint has Software that manages consumer engagement across the eCommerce lifecycle and the tools to take action on both intent data about consumers and the advertising used to message those consumers throughout their shopping experience.

Each company has something the other required to achieve its objective and as a result, we are coming together to capitalize on an eCommerce market that, notwithstanding a few large players, is largely devoid of the technology our combined company is expected to deliver.

We believe the appetite for these capabilities will be strong in light of the value proposition and could scale down market where the inability to compete online only becomes harder in light of this growing technological gap with those other large players.

Our first face-to-face meeting with ConversionPoint was outstanding. Not only was I infinitely impressed with their team, I was excited by the potential synergies between the two businesses, a number of which were immediately evident in that meeting.

One of the keys to the IntentKey success is the AI platforms ability to automatically build and find look-a-like audiences for brands. This generally requires a lengthy sales and technical implementation process.

We believe that ConversionPoint’s existing technology, currently in place with hundreds of well-known brands, has the capability to utilize the IntentKey with minimal changes to the existing implementations. This means the combined company should be able to identify, describe and target new audiences for each of those clients without significant technical integration.

Further, we believe the barriers to entry will be extreme for the combined company’s competitors. Collectively, we would have 15 patents issued and 12 patents pending and a form of artificial intelligence that essentially manufactures data, proprietarily through in-house managed datacenters where over 400,000 transactions are processed per second. We have existing relationships and software technology that we believe would take years and significant expense to replicate.

The timing of this potential business combination is also relevant. As discussed over the last year, we had already been shifting our focus from the supply, or publisher side of our business, in an effort to drive growth in our higher-margin demand business with the IntentKey.

During the third quarter, this supply side of the business decreased at a rate of decline faster than we had anticipated and did negatively impact revenue and our bottom line. In the context of our acquisition by ConversionPoint, we do not believe this publisher facing business is strategic to our combined vision and market focus on eCommerce.

While our third quarter financial results were soft, we remain focused on growing the IntentKey. Since our last earnings release, we have signed a number of significant new brands as IntentKey customers, including a top three insurer; the preeminent brand in audio; a leading online marketplace and a world-renowned research hospital. These companies can do business with anybody, they chose Inuvo.

For the nine-month period ending September 30, 2018 revenues were up 1% to $56.3 million and adjusted EBITDA, a non-GAAP measure was a loss of $195,000. Net loss for the nine-months was $3.7 million, 9% improved year-over-year. Our third quarter earnings release is on Inuvo’s website and includes a reconciliation of non-GAAP results to GAAP results.

We expect to build off this base leading into the close of the acquisition when ConversionPoint is expected to bring with it near-term upsell opportunities to many of their existing eCommerce clients. More on that later.

We also reported in our press release that the combined company CEO would be Robert Tallack, who joins me here today and the combined company CFO will be Raghu Kilambi, who is also on the call.

After closing, I will be moving to a non-operating role as Chairman, and Inuvo’s Chief Financial Officer, Wally Ruiz, and General Counsel, John Pisaris, will each be transitioning out of the Company within six-months following the close.

I’m pleased to have Robert joining me here today and would like to turn the call over to him so he can talk about our shared vision for the combined operations. Robert?

Robert Tallack

Excellent. Thank you. Rich. We share your enthusiasm for this merger and we were equally impressed with your team as well as the technologies Inuvo has developed. We co-founded ConversionPoint three years ago with the intention of creating a unified eCommerce platform to help world class retailers and brands run effective online eCommerce campaigns.

eCommerce is already a $450 billion category in the USA alone and much larger worldwide. Retailers are competing to win customers in a crowded marketplace, which is filled with individual point marketing solutions.

Amazon has actually been the primary example of a company that focuses on using technology driven data collection for the purpose of improving customer engagement and ultimately conversions. Amazon’s first party data and consumer insight is one of the main reasons why they are such a success. Our mission is simple, to provide Amazon level data and insight to retailers running eCommerce programs both on their own websites as well as large online retailers like Walmart.com.

ConversionPoint already possess software technology that does a number of things, including enhancing product experience, optimizing media, enabling upsell, managing logistics and running retargeting campaign for consumers who leave their shopping experience before purchasing.

Now as Rich correctly pointed out, what we were missing was world-class AI-driven data about the consumers. Data that’s not limited to their immediate shopping interest. The ConversionPoint already had insight, we already had some data, but it was limited to the current engagement with a consumer.

And while we had evaluated many potential acquisition candidates, we were simply blown away with the artificial intelligence that underpins the IntentKey. And we were very impressed with the relationships and access to media inventory within the ValidClick platform.

We were looking for a win-win, and in Inuvo, we found it in the technology, and the people, and the culture, the clients, and we of course saw an immediate fit with the overall strategy. We could not be happier. There will be a new positioning for the combined business with a hyper focus on eCommerce. We will be going to market as one of the first data powered eCommerce Platforms built around Artificial Intelligence.

Our joint plan is to combine our datasets in a manner that augments the IntentKey. I’ll give you an example. Currently the ConversionPoint technologies see around 10 billion of product pageviews monthly. Through the integration with Inuvo, this information will make the IntentKey even smarter.

We will initially be targeting mid-sized eCommerce businesses with a goal to serve both large and small online retailers. As Rich pointed out in his remarks, we already have online retailers like Walmart. However, we also have a long list of clients, including Costco, BestBuy, Dish and many more. Operationally, we expect to organize around three operational segments, an Online Retail Software segment, an AI-Data segment and a Direct Channel Software segment.

Trey Barrett, Inuvo’s COO, is expected to be the President of the AI-Data segment, reporting directly to me. Since our plan is to integrate the Inuvo data across the business, Trey’s role will be important to our future of the entire Company’s success. Existing ConversionPoint leaders will be the operator to the other two segments.

From a synergy perspective, the teams have identified and continue to identify numerous potential revenue and margin enhancing collaborations. With that said, it is clear that upselling ConversionPoint online retailers and agency partners with the IntentKey offers the most revenue and margin acceleration potential, and we will be focused on delivering this synergy following the close of the transaction.

We’ve also quantified a number of expense synergies that should help the bottom line and we will be providing additional information about this as we get closer to the close of the acquisition. I’m very excited about this combination, the great fit both technically and culturally.

And at this time, I’d like to turn the call over to Raghu Kilambi, ConversionPoints CFO to explain the transaction in more detail. Thank you.

Raghu Kilambi

Thank you, Robert and Rich. I share your passion for this deal. ConversionPoint offered and Inuvo accepted cash and stock with a total estimated value of $75.5 million, of which approximately $15.3 million would be in cash and an estimated $60.2 million would be equity of the combined company.

Inuvo shareholders would own approximately 29% of that combined company before any dilution from financing. This total consideration translates into $0.45 per Inuvo share in cash and an estimated $1.77 per Inuvo share in equity. The equity component of the valuation was based on ConversionPoints most recent 2018 equity funding, which valued ConversionPoint’s common shares at $9.21 per share for a total estimated equity valuation for ConversionPoint of $146 million.

A new Holding Company has been formed and both Inuvo and ConversionPoint will be rolled into that Holding Company as wholly-owned Subsidiaries. The Holding Company’s capitalization will include approximately 6.4 million shares for Inuvo stockholders and approximately 15.6 million shares for ConversionPoint stockholders for a total capitalization, pre-financing, of 22 million shares.

The exchange ratio for Inuvo shareholders associated with this new capitalization is 0.1877 shares of the Holding Company for each one Inuvo share owned, or approximately 5.3 Inuvo shares would equal one share of the Holding Company after payment of $0.45 cash per share. For ConversionPoint shareholders, the exchange ratio was 0.9840 shares of the Holding Company and exchange for each one ConversionPoint share.

We are in the process of preparing to file a Form-S4 with the SEC to register the shares of common stock issued in the acquisition and we intend to file listing applications with both the NASDAQ Capital Market and TORONTO stock exchanges for the Holding Company shares.

We expect to close the transaction in the first quarter of 2019 and further expect to be able to meet the $36 million capital requirement that was part of the deal through the issuance of equity and/or debt, a portion of the cash of which will be used to satisfy the cash component of the payment to Inuvo shareholders.

We’ve had strong support internally with all of Inuvo’s directors and executive officers, as well as ConversionPoint Technologies stockholders owning 70% of ConversionPoint Technologies’ outstanding shares signing support agreements in favor of the acquisition.

I’d like to now turn the call back over to Rich for closing comments.

Richard Howe

Thanks Rags. After the acquisition, we envision a combined company with technologies, data sources and industry partners capable of serving the demand for a data driven eCommerce experience across small, medium and large business segments.

I see two similar cultures with roughly 175 associates who want to win. I see a potentially lucrative upsell with the IntentKey and I see numerous revenue and expense synergies that will be fully quantified with plans of action prior to the expected close in first quarter of 2019. For our Inuvo stockholders, we see this as not only an opportunity to obtain a fair valuation today, but also to participate in the future success of the combined operations.

Before we move on to the question-and-answer session, I do want to proactively address any questions regarding the financing contingency in the transaction. We are not permitted to discuss the details or status of the proposed financing due to SEC regulations other than to reiterate what was disclosed in the press release, which is that the closing of the transaction is contingent on raising $36 million in gross proceeds from the issuance of equity and/or debt by ConversionPoint, a portion of which will be used to fund the cash portion of the acquisition transaction.

I’d like to now turn the call back over to the operator for question and answers.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] And we will take our first question from Lisa Thompson with Zacks Investment Research.

Lisa Thompson

Good afternoon and congratulations.

Robert Tallack

Thank you, Lisa.

Lisa Thompson

So all right. So let me try to understand. I mean, first off, you said that there were $50 million in revenues. Is that a run rate or – for 2018 or 2017? What was that?

Richard Howe

I’ll let Raghu answer that for ConversionPoint.

Raghu Kilambi

Hi, Lisa. This is Raghu Kilambi from ConversionPoint. The $50 million noted in the press release were audited 2017 revenues. Unfortunately, until we file our S-4, which I mentioned in my comments, we cannot make any comments on ConversionPoint’s financial performance in 2018 and any projections moving forward. Those items will be disclosed in the Form S-4 which we’ll file in a few weeks with the SEC.

Lisa Thompson

Okay. So that’s the first time we’ll see any information, correct?

Raghu Kilambi

That is correct.

Lisa Thompson

Okay. So just I just want to understand this, the procedure here. So you’re going to file that. We’re going to get your financial numbers and then be able to put some sort of model together. And then you are going out to try to do a financing as a private company. Is that right?

Raghu Kilambi

Well, we’re also in addition going to file applications to list the holding company shares that both ConversionPoint and Inuvo shareholders will have on the NASDAQ capital markets and the Toronto Stock Exchange. And per the press release, we are looking at different equity and debt financing alternatives for the $36 million. We cannot comment anymore on that, per SEC rules.

Lisa Thompson

Okay. You can’t close the deal until you raise the financing. Is that correct?

Raghu Kilambi

That is correct.

Lisa Thompson

Okay. So then that happens next. And then that might simultaneously happen with closing the deal, right?

Raghu Kilambi

That is correct.

Lisa Thompson

Okay. Because I know that shareholders are concerned that there is going to be any period where they own a bunch of private company stock and have no liquidity. So you don’t anticipate that happening, okay.

Raghu Kilambi

We do not anticipate that happening, based on similar transactions within the marketplace, Inuvo shares will close one day and be less than the new ConversionPoint shares with less the next day. And shareholders at the record date, of Inuvo would end up receiving the cash and obviously shares of the new co. That will be publicly traded.

Lisa Thompson

And this will probably all happen in the first quarter, correct?

Raghu Kilambi

That is correct.

Lisa Thompson

Okay. So we just have a few weeks here. We don’t know what bought us because we have no numbers, right? So because I’m trying to understand. Obviously, there’s a huge discount between the offering price and where the stock is trading right now. And I guess that’s the whole risk profile of we don’t know what we’re getting and if it’s even going to close, correct?

Raghu Kilambi

Yes. I think most M&A deals that you see do have in a range of a discount unless another bid is expected, but even in – there’s a discount even in the IBM Red Hat deal, which is in the multiple – tens of billions of dollars. It’s over 10%. Inuvo has obviously had a – and its management team on their MD&A have had tremendous opportunities to do due diligence on our team, our vision and our numbers. They can’t share them, but this deal has been done with full, open disclosure of our financial information to Inuvo’s management team and their Board of Directors.

Lisa Thompson

Okay. All right. So Rich and Wally, as far as the quarter goes, I understand the revenues dropping off because you’re not doing any more publishing kind of stuff, but it seemed like marketing was the same number as usual. How does that work?

Richard Howe

So let me answer that. And then Wally, I’ll turn it over to you to comment on this, but when we talk about the publisher side of our business, Lisa, there’s kind of two components to it. There’s the actual publisher website that we manage ourselves, but there’s a technology component too. In our industry, that’s called an SSP. We actually have a platform that serves other parties. And we had told our shareholders on starting as early as the beginning of this year that we were going to exit that. And we did. We didn’t expect the revenue to fall off as fast as it did, but we did absolutely design to get out of that part of our business. So that’s – it’s that part that we’ve declined it.

Lisa Thompson

Okay. And are we seeing the full impact in the reduction of expenses because of leaving that business? Or is there a little bit more to come?

Richard Howe

Wally, do you want to take that?

Wally Ruiz

Sure. I think there’s more to come, Lisa. I think you’re seeing it there in the compensation already. And you’re starting to see it the SG&A. And you can see the margins, the gross margins, are somewhat higher than last year; and that is because of the change in mix and the change in focus. So I think you will continue to see some benefits in the restructuring that we’ve done.

Lisa Thompson

And do you have like a new number of what your breakeven revenues would be with this new cost structure?

Wally Ruiz

Well, we would be at a breakeven, yes. So the revenue in the quarter would be somewhere, under this new structure, at about $20 million.

Lisa Thompson

Okay, all right. Good to know. So I guess I’ll let other people ask questions. So we’re just going to wait for the next filing, where we’ll get the numbers and pro forma’s and things like that.

Richard Howe

The S-4, yes, I think, Lisa, that’s…

Lisa Thompson

Right, okay. Great, all right. Thanks. That’s all my questions let somebody else ask more.

Richard Howe

Thank you, Lisa.

Operator

[Operator Instructions] We’ll take our next question from Tim Klein with Lake Street Capital.

Timothy Klein

Hi, Raghu. I’m on for Eric today. I just wanted to congratulate you on putting your heads together and to really look at the market, I think, in a much more forward way. It definitely seems to have great transformative potential. So along those lines, I just wondered on the synergy side, Rich or Robert or Raghu, if you can give us some sense of some of the triggers where you identify that synergy and things like is ConversionPoint currently an IntentKey user. Is there any overlap in the customer base? Can you give us some color a little bit on the synergy that you identified?

Richard Howe

Thanks Tim. I’m going to turn that over to Robert and Raghu to answer for you.

Robert Tallack

Hello, it’s Robert Tallack here. On the revenue synergy side, I’ll speak to that part of it. We’re very excited because ConversionPoint spent the last – a good part of really the company’s 10 years building this incredible eCommerce technology business with numerous clients; and incredible retailer relationship, partnerships with the Walmart.coms of the world.

And when we look at the strength of the IntentKey system, this AI-powered engine that Inuvo has, we feel it’s going to be able to help essentially turbocharge, our current lines of revenue with the different partners, so the agencies using our technology, the retailers using our technology. All of it becomes more powerful. All of it becomes more valuable when you power it with IntentKey.

I know that’s not overly descriptive, but just from a general perspective we feel that IntentKey will become the AI-driven engine that’s going to power all of our existing technologies. And as we’re able to announce this to our partners, like Walmart.com, et cetera, we feel they’re going to be very excited about the new, enhanced capabilities of our existing technologies.

And what I really like about it is it doesn’t require us to do a bunch of R&D or create something new or go pioneer any new business. We’re going to be able to expand the partnerships and revenue channels that already exist for ConversionPoint. That’s what we’re very excited about.

Timothy Klein

Okay, great. That’s helpful. I understand. It makes sense. So as you guys look at the market that’s in front of you, right – I mean you talk about this example of Amazon and what it’s doing within its own ecosystem, right, but if you – as we look out at the rest of the world that’s trying to compete against that and you’re helping them.

Are there any competitors that are doing what you’re going to be trying to do by combining ConversionPoint and IntentKey? If not, what are you replacing? Is it kind of internal, kind of internally made systems? Or give us a sense for the market that you’re going to be attacking with this to the extent that it’s defined already?

Richard Howe

So Robert, I think that’s for you too.

Robert Tallack

I’m going to hand this over Raghu for a moment. I think he’s got a good handle on this one.

Raghu Kilambi

And in terms of taking a look, Tim, at the market right now, what ConversionPoint has seen is that there are many point solutions that offer individual components of a full eCommerce ecosystem and particularly for small and medium businesses that we define as between $5 million and $150 million to $200 million in revenues. That creates great confusion, as companies have to integrate 6 to 10 different technologies to fully automate the eCommerce process.

In terms of our look at the marketplace, certainly in North America and looking at the non-Amazon world, which is – includes companies that have online stores on Shopify and BigCommerce and online retailers like Walmart.com and officedepot.com, there is not a end-to-end full-spectrum eCommerce ecosystem that exists.

We believe that, certainly with the IntentKey technology that we have in place, we can go from big data and prospecting and targeting customers better than they could ever be targeted before, all the way through to, well, logistics and delivery at the end of our software ecosystem and then remarketing and retargeting customers. It’s a very, very powerful and needed platform for the small, medium business market in eCommerce.

Timothy Klein

Okay, Raghu, that’s helpful color. I mean I would say it is a very disparate market. And I think there is a tremendous opportunity to providing some clarity and some singular solution sets to that. So thanks for the color. Appreciated. Again, congrats on putting this together.

Raghu Kilambi

Thanks Tim.

Operator

And we will take our next question from Jon Hickman with Ladenburg.

Jon Hickman

Hi, thanks for taking my questions. As an analyst, I spend a lot of time trying to figure out valuation. And I’ve been following Inuvo for a long time. Can you give us any insight into how you came up with the $75 million?

Richard Howe

Thanks Jon. I’m going to ask Raghu to answer that.

Raghu Kilambi

We took a look at Inuvo’s 2017 figures, and it’s certainly run rate to the first six months which were in the $75 million to $80 million range. We looked at some public comps that were trading out there and made an offer at approximately 1x revenues, if you look at – depending on what period you look at, certainly the last 12 months annualized.

And that was the discussions that we had with Inuvo’s management team and board, was giving them an opportunity to certainly get a cash portion but then, even with a premium, join with ConversionPoint and go out together to build even a bigger company that can dominate the eCommerce market. So I’m sure that Rich and his management team have had other discussions, but we felt our offer provided the best combination solution for some immediate liquidity for shareholders and then a piece that has a very long-term, significant capital markets upside.

Jon Hickman

Okay. One other question from me, Rich, so you got rid of the sell-side platform. Did you indicate that you were getting rid of your publishing sits too?

Richard Howe

No, we are not. I think, like we’ve explained in the past, those sites really have a dual purpose, and they will continue to have a dual purpose. One is a technical purpose. They allow us to develop technologies and test them. They give us competitive reconnaissance as well. And then of course, the other one is just the sheer nature of the publishing aspect of it, but no, we don’t have any plan to get rid of that.

Jon Hickman

Okay, so when – can you tell, like did you shut down your sell-side platform at the beginning of the quarter, or in the middle?

Richard Howe

We started Jon at the beginning of the year. And we saw a dropoff, just to quantify it. I mean we saw a dropoff in the second quarter that we kind of expected. And then we saw a faster dropoff in the third quarter than we had anticipated. We knew it was going to tail off. That’s what happens when you start reducing the focus on one part of the business, but we estimated a longer tail than what happened.

Jon Hickman

And so the marketing expense that’s left is all generated – well, is that old traffic that you guys had generated for your own publishing site. That expense will kind of continue going forward, right?

Richard Howe

Yes, the majority of it.

Jon Hickman

Okay. So could you – I didn’t quite hear the number of people if you combine the two entities. How many important with that?

Robert Tallack

About 190.

Richard Howe

ConversionPoint has 124, and we’ve got 67, so almost little bit more than 190.

Jon Hickman

Okay, and then can you explain, I don’t know who wants to take this question, why there’s dual listing in Toronto?

Richard Howe

I’ll turn that over to Raghu.

Raghu Kilambi

The main reason for the Toronto listing is our main comp is Shopify, which is Canadian company that’s dual listed in the U.S. and on the Toronto markets. What – Robert and I and Rich are actually ex-pat Canadians in the United States. And so we have tremendous and senior investment banking and investor relationships in that market, and there’s a lot of liquidity there.

And in our conversations with investment bankers that came over the wall on the deal, we have a lot of enthusiasm out of that marketplace. And so it’s a sophisticated large-capital market thriving in many spaces right now, including technology. And Shopify is a name that every Canadian institutional and retail investor knows. And we believe we’re building, certainly with Inuvo, a comparable company to them.

Jon Hickman

Okay. Thank you. That’s it from me.

Richard Howe

Thanks Jon.

End of Q&A

Operator

That concludes today’s question-and-answer session. I’d now like to turn the conference back to Richard Howe for any additional or closing remarks.

Richard Howe

Thank you, operator, and thank you everybody for joining us today. As you can tell, exceptionally excited about the future potential of this combination, and we’re pleased with this outcome for our shareholders. Thank you very much.

Operator

This concludes today’s call. Thank you for your participation. You may now disconnect.

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