Contact Information: 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
Energy Infrastructure Acquisition Corp. Announces Stockholder Approval of Proposed Dissolution and Liquidation
| Source: Energy Infrastructure Acquisition Corp.
WILMINGTON, DE--(Marketwire - October 31, 2008) - 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.