Autobytel and Autoweb have announced an agreement by which Autobytel will acquire Autoweb in a tax-free merger. The combination will create a platform of more than 7,000 dealer customers, 24 international automotive manufacturer customers, and more than 2 million visitors per month. The combined company is projected to have revenues of over $100 million per year. The closing of the deal is subject to customary conditions, including both regulatory approvals and shareholder approval of both parties. Mark Lorimar will remain as president and CEO, Michael Fuchs will remain as chairman, and Jeffrey Schwartz will join as vice chairman of the combined company. As part of the agreement, Autobytel will elect two designees of Autoweb to the company’s board of directors upon consummation of the transaction. As part of the transaction, Autoweb stockholders will receive 0.3553 shares of Autobytel common stock for each share of Autoweb common stock. Outstanding Autoweb options will be assumed and become options for Autobytel shares, subject to the share exchange ratio. The newly combined entity will trade under Nasdaq: ABTL. Upon completion of the transaction, the combined entity will change its name to Autobytel Inc., reflecting its ownership of multiple online brands, including Autobytel, Autoweb, Carsmart, Autosite, and Dealersites, as well as AIC. Under the newly combined company, Automotive Information Center (AIC), a division of Autoweb, will continue to provide the industry with content, data, and technology, including significant commercial relationships with global automotive manufacturers. Boston-based AIC has, for nearly 20 years, provided comprehensive information to vehicle manufacturers, large dealer groups, and major Web sites.