Answers.com Board Rejects Acquisition Proposal by Brad Greenspan

Answers.com, (NASDAQ: ANSW) today announced that its Board of Directors, advised by its independent financial and legal advisors, has concluded that the proposed transaction with AFCV Holdings, LLC remains in the best interests of Answers' stockholders and unanimously reaffirmed its recommendation that stockholders vote to adopt the merger agreement between Answers.com and AFCV Holdings, LLC, a portfolio company of growth equity investor Summit Partners.

Answers.com also announced that it had received over the weekend an unsolicited letter from Brad Greenspan, purporting to represent Social Slingshot Pte Ltd. and eJuggernaut LLC. The letter included a speculative proposal, subject to numerous contingencies and uncertainties, to acquire a controlling interest in Answers.com, which the Board rejected. The proposal purports to offer to acquire the Answers.com common stock outstanding for $13.50 per share in cash, plus A and B warrants to acquire common stock at exercise prices of $23.50 and $46.50, respectively.

In making its determination to reject the offer, the Board concluded that the proposal was not credible. The Board also found that the proposal was not likely to result in a transaction that is superior to the definitive merger with AFCV, which would provide Answers.com stockholders with the opportunity to receive $10.50 in cash upon consummation of the merger.