GlobeNewswire Inc | Jul 22, 2020 04:05PM EDT

July 22, 2020

TAMPA, Fla., July 22, 2020 (GLOBE NEWSWIRE) -- AutoWeb, Inc. (Nasdaq: AUTO), a robust digital marketing platform providing advertising solutions for automotive dealers and OEMs, will hold a conference call on Wednesday, August 5, 2020 at 5:00 p.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2020. The company will report its financial results in a press release prior to the conference call.

AutoWeb President & CEO Jared Rowe and CFO J.P. Hannan will host the conference call, followed by a question-and-answer session.

Date: Wednesday, August 5, 2020Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)Toll-free dial-in number: 1-877-852-2929International dial-in number: 1-404-991-3925Conference ID: 8050647

The conference call will also be broadcast live at www.autoweb.com (click on Investors and then click on Events & Presentations). Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software. For those who will be joining the call by phone, please call the conference telephone number 5-10 minutes prior to the start time, and an operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through August 12, 2020. The call will also be archived in the Investors section of the companys website for one year.

Toll-free replay number: 1-855-859-2056International replay number: 1-404-537-3406Replay ID: 8050647

Tax Benefit Preservation PlanAt December 31, 2019, the company had approximately $100.5 million in available net operating loss carryforwards (NOLs) for U.S. federal income tax purposes. AutoWeb reminds stockholders about its Tax Benefit Preservation Plan dated May 26, 2010, as amended (the Plan) between the company and Computershare Trust Company, N.A., as rights agent.

The Plan was adopted by the companys board of directors to preserve the companys NOLs and other tax attributes, and thus reduce the risk of a possible change of ownership under Section 382 of the Internal Revenue Code. Any such change of ownership under Section 382 would limit or eliminate the ability of the company to use its existing NOLs for federal income tax purposes. In general, an ownership change will occur if the companys 5% shareholders, for purposes of Section 382, collectively increase their ownership in the company by an aggregate of more than 50 percentage points over a rolling three-year period. The Plan is designed to reduce the likelihood that the company experiences such an ownership change by discouraging any person or group from becoming a new 5% shareholder under Section 382. Rights issued under the Plan could be triggered upon the acquisition by any person or group of 4.9% or more of the companys outstanding common stock and could result in substantial dilution of the acquirers percentage ownership in the company. There is no guarantee that the Plan will achieve the objective of preserving the value of the companys NOLs.

As of June 30, 2020, there were 13,146,831 shares of the companys common stock, $0.001 par value, outstanding. Persons or groups considering the acquisition of shares of beneficial ownership of the companys common stock should first evaluate their percentage ownership based on this revised outstanding share number to ensure that the acquisition of shares does not result in beneficial ownership of 4.9% or more of outstanding shares. For more information about the Plan, please visit investor.autoweb.com/tax.cfm.

About AutoWeb, Inc.AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.

Investors and other interested parties can receive AutoWeb news alerts by accessing the online registration form at investor.autoweb.com/alerts.cfm.

Company Contact:J.P. HannanChief Financial Officer1-949-437-4651jp.hannan@autoweb.com

Investor Relations Contact:Sean Mansouri, CFA or Cody SlachGateway Investor Relations1-949-574-3860AUTO@gatewayir.com