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Marketing company Think Partnership Inc. has let its letter of intent to acquire struggling blog search engine Ice Rocket expire and, says MarketingPilgrim's Andy Beal, the company will not be moving forward with the acquisition.

Beal got the news from newly-appointed Think CEO Scott Mitchell, who would not give details as to why the deal fell through. Think's letter of intent to acquire the company was announced in mid-April of this year, as Think looked into ways to channel advertising into the blogosphere.

IceRocket CEO Blake Rhodes has apparently not given up though. Rhodes told Beal that while the LOI was "dead," the two companies would still be working together. That message seems a little less assertive than a statement posted on Texas Startup Blog, however:

Our LOI with Think Partnership expired, which does not mean the acquisition is off. Their company is going through some changes and we are seeing how they play out. Still in very close contact with those people and working with them, had a great conversation with their CEO just yesterday.

Some think the Rhodes shouldn't hold his breath. Think has a history of potential buyer's remorse. Letters of intent were issued and withdrawn from both Crystal Reference Systems and Proceed Interactive.

IceRocket and Dallas Mavericks owner Mark Cuban was unavailable for comment due to his basketball team's NBA Finals appearance and his need to blog the minutes while taunting all the naysaying sports writers.

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