PIPESTONE, MN--(Marketwired - Jan 29, 2016) - Juhl Energy Inc. (
The Company's board of directors (the "Board") recommended and the holders of a majority of our Capital Stock approved a 1-for-10,000 reverse stock split (the "Reverse Stock Split") of the Company's stock in which each 10,000 shares would be converted into one (1) share of stock. No fractional shares will be issued in connection with the Reverse Stock Split, and stockholders holding fractional share interests will be entitled to receive a cash payment in lieu of fractional share interests calculated at $0.216 per share of stock on a pre-split basis.
The Company established a Special Committee comprised of independent directors which recommended the reverse stock split to the Board after it considered a number of alternatives to address the lack of liquidity for the Company's stockholders. As part of their recommendation, the Company's Special Committee considered, among other things, the probability of a merger or sale of the Company; the relative illiquidity of the Company's common stock; and also considered the fairness opinion of an independent investment banking firm.
The Company's common stock is no longer traded on the OTCQB, but is traded on the OTC Markets Pink Sheet platform. Any trading conducted upon or following the effective date of the Reverse Stock Split will be conducted on a post-split basis. The new symbol will be JUHLD. The "D" will be removed in 20 business days and the symbol will then revert back to JUHL.
Following the effectiveness of the Reverse Stock Split, the Company will have 10,000 shares of Common Stock authorized, of which approximately 3,666 shares will be issued and outstanding, and the Company will have 2,000 shares of preferred stock authorized consisting of Series A Preferred Stock and Series B Preferred Stock, of which no shares of Series A Preferred Stock will be issued or outstanding and approximately 12 shares of Series B Preferred Stock will be issued and outstanding.
Stockholders who have existing stock certificates will receive written instructions by mail from the Company's transfer agent, Empire Stock Transfer, Inc. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares at the present time. Such stockholders will be contacted by their brokers with instructions.
Beginning February 1st 2016, the Company will begin utilizing the "News/Info" section of its home page, www.juhlenergy.com, as the primary source and location for any corporate news and developments regarding Juhl Energy, Inc., the frequency and contents of which shall be at the Company's discretion.
ABOUT JUHL ENERGY, INC.
Juhl Energy is an established leader in the renewable energy industry with a focus on competitive, clean energy solutions and community-based wind power development, ownership and management throughout the United States and Canada. Juhl Energy pioneered community-based wind farms, developing the currently accepted financial, operational and legal structure providing local ownership of medium-to-large scale wind farms in rural America. Juhl Energy services every aspect of wind farm development from full development and ownership, general consultation, construction management and system operations and maintenance. Juhl Energy also provides a broad range of clean energy solutions. Juhl Energy is based in Pipestone, Minnesota and has other main offices in Chicago, Minneapolis, and Milwaukee. Additional information on the Company is available at www.juhlenergy.com or by calling (507) 562-8090.
FORWARD LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Juhl Energy's current expectations about its future results, performance, prospects and opportunities. Juhl Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Juhl Energy and are subject to a number of risks, uncertainties and other factors that could cause Juhl Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects, prospective acquisitions and wind farm assets mentioned herein. These risks, as may be described from time to time in Juhl Energy's SEC filings, are incorporated herein by reference.