Audible Announces Reverse Stock Split Effective Tomorrow

WAYNE, N.J. --(Business Wire)-- June 16, 2004 -- Audible(R), Inc. (OTC BB: ADBL), the leading provider of digitally delivered spoken word audio, today announced that it completed a shareholder approved 1-for-3 reverse stock split effective at the open of the market tomorrow, June 17, 2004. Pursuant to the reverse split, Audible`s trading symbol will temporarily change to ADBL.d.

Today`s announcement is in accordance with the Company`s plans to return to the Nasdaq SmallCap Market within 4 to 6 weeks from May 9, 2004, the date of Nasdaq`s receipt of Audible`s relisting application, with the intention to eventually transition to the Nasdaq National Market. Shareholders of Audible stock approved the authorization of a reverse split of its common stock and common stock equivalents at the Company`s annual meeting on June 3, 2004.

Each outstanding share of common stock will automatically convert into one-third of a share of common stock, respectively, thereby reducing the number of shares of common stock outstanding from approximately 63.8 million to 21.3 million. In lieu of fractional shares, stockholders will receive a cash payment based on the closing sales price of the Company`s common stock on the effective date of the reverse split as reported on the over-the-counter bulletin board.

Shareholders of record will receive Letters of Transmittal and related instructions from Audible`s transfer agent, American Stock Transfer and Trust Company. Shareholders who keep their shares in street name with brokerage firms will have their accounts adjusted by their respective brokers. Questions and requests for Letters of Transmittal should be directed to Shareholder Relations at American Stock Transfer and Trust Company at (800) 937-5449 or +1(212) 936-5100