SAN DIEGO, April 16 /PRNewswire-FirstCall/ -- Yesterday, Ad Authority,
Inc.(R) (website http://www.adauthority.com), a leading innovator in direct to
consumer internet marketing, announced its acquisition by Morlex, Inc.
(OTC Bulletin Board: MORX), an Internet-focused customer acquisition company
that owns and markets newsletters and websites targeting the personal finance
and trading marketplace.
In connection with the acquisition, Morlex closed a total of $4,400,000 in
private placement of its common stock and convertible notes. Joseph Gunnar &
Co. acted as the private placement agent in connection with the private
placement of common stock.
Ad Authority and Morlex wish to clarify that the consideration for the
acquisition included $3.5 million in cash, 6.5 million shares of Morlex common
stock and a $4.5 million secured note to Iakona, Inc., a company owned by
Jason Kulpa, Ad Authority's CEO who became the CEO of Morlex following the
acquisition.
Ad Authority was represented by Andrew M. Apfelberg of Rutter Hobbs &
Davidoff Incorporated, and Morlex was represented by Jane Greyf and Martin P.
Russo of Nixon Peabody LLP in connection with the acquisition.
About Ad Authority, Inc.
Ad Authority(R) is a San Diego-based internet marketing firm that reaches
millions of consumers through proprietary technology reaching 90% of Internet
users through email, portals, SEO technologies, voice broadcasting and
advertising network affiliations. LeadX, the company's proprietary lead
management software, enables users to more effectively manage higher volumes
of leads and maximize ROI and marketing efficiency. Ad Authority(R) was
recently acquired by Morlex, Inc. (OTC Bulletin Board: MORX) with plans to
change its name to the Ad Authority Group. For more information about Ad
Authority(R), please visit: http://www.AdAuthority.com.
About Morlex, Inc.
Morlex, Inc. (OTC Bulletin Board: MORX) operates as an Internet-focused
customer acquisition company that owns and markets newsletters and websites
targeting the personal finance and trading marketplace. Morlex also
specializes in Internet sales, pay-per-click, and Internet advertising through
approximately 1,000 owned domains.
SOURCE Morlex, Inc.
Kevin Popovic, +1-412-721-3976, kp@ideahaus.com; or Ray Drasnin,
+1-619-890-6000, Ray@RayDrasnin.com, both for Ad Authority, Inc.; or Investor
Relations, Todd M. Pitcher of Hayden Communications, Inc., +1-858-518-1387,
for Morlex, Inc.
