Energy Infrastructure Acquisition Corp. Announces Stockholder Approval of Proposed Dissolution and Liquidation
October 31 2008 - 4:30PM
Marketwired
Energy Infrastructure Acquisition Corp. (AMEX: EII) ("Energy
Infrastructure" or the "Company") today announced that its
stockholders have approved the Company's previously announced
proposed dissolution and liquidation, as contemplated by its
certificate of incorporation, since the two-year period for it to
complete a business combination has passed without one being
consummated.
This approval was a necessary condition to the Company's
returning its net assets to holders of shares of common stock
issued in its initial public offering, which is now in
progress.
At the Company's special meeting, a total of 17,266,284 shares
(63% of the Company's outstanding shares of common stock) were
represented. 14,544,284 shares (84% of those voting, or 53% of the
outstanding) approved the dissolution and liquidation, while
15,722,336 (98% of those voting, or 58% of the outstanding)
approved authorizing adjournment or postponement of the meeting for
further proxy solicitation, which proved not to be necessary.
With the exception of the arbitration currently pending between
Vanship Holdings Limited ("Vanship") and the Company, the Company
has completed discussions with substantially all of its existing
creditors, and is in the process of discharging its obligations to
them. As previously announced, on October 17, 2008, Justice Richard
Lowe of the Supreme Court of the State of New York, County of New
York, issued an order directing Continental Stock Transfer &
Trust Company, the trustee of the trust fund in which the proceeds
of the Company's initial public offering are held, to reserve from
distribution $6 million (comprised of $3.5 million in claimed
expenses and $2.5 million in attorney's fees in the arbitration) to
provide security for the payment of claims asserted by Vanship The
Company intends to distribute to its stockholders the remaining
unreserved proceeds in the trust account as soon as possible. No
payments will be made in respect of the Company's outstanding
warrants or in respect of shares held by the Company's pre-IPO
shareholders.
About Energy Infrastructure
Energy Infrastructure is a blank check company that was formed
for the specific purpose of consummating a business combination.
Energy Infrastructure raised net proceeds of approximately $209.3
million, after partial exercise of the underwriter's over-allotment
option, through its initial public offering consummated in July
2006.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include matters that involve known
and unknown risks, uncertainties and other factors that may cause
actual results to differ materially from results expressed or
implied by this press release. The words "believe," "expect,"
"intend," "estimate," "anticipate," "will," "project," "forecast,"
"outlook" and similar expressions identify some, but not all, of
these forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement.
Contact: Energy Infrastructure Acquisition Corp. 1105 North
Market Street, Suite 1300 Wilmington, Delaware 19801 Investor
Relations / Financial Media: Nicolas Bornozis President Capital
Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel: +1
212 661 7566 Email: nbornozis@capitallink.com
www.capitallink.com
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