Press Releases
Able Energy, Inc. Requests Voluntary Delisting Of Securities From Nasdaq Capital Market
Rockaway, New Jersey (October 4, 2005) –Able Energy, Inc. ("Able") announced today that it has provided formal notice to the Nasdaq Stock Market of its intention to voluntarily delist the Company’s securities from Nasdaq Capital Market. The Board of Directors of the Company believes this action is in the best interests of the stockholders since it should allow the Company to complete the transactions which were previously approved by its stockholders, including the Company’s purchase of certain of the assets of All American Plazas, Inc. The Company had previously filed an initial listing application with Nasdaq to reflect its transaction with All American, and the Company does not believe that approval of such application is imminent.
Able Energy Announces Stockholder Approval of Acquisition
Rockaway, New Jersey (September 6, 2006) – Able Energy (the “Company”) announced the results of a special meeting of its shareholders held on August 29, 2006. The meeting was convened to approve (1) the acquisition of substantially all of the operating assets of All American Plazas, Inc. (“AAP”) in exchange for the issuance of approximately 11.67 million shares of the Company’s common stock; (2) the ratification and approval of the July 2005 debenture financing and (3) to increase the Company’s authorized capital stock from 10,000,000 shares to 75,000,000 shares. Since All American is currently the largest shareholder of the Company and is a “related party”, Delaware law requires approval of at least 2/3 of the unrelated votes at the meeting for item (1) while items (2) and (3) requires a majority vote of those present at the special meeting. All three items were approved as follows: item (1), 96% of those unrelated shareholders present at the meeting voted in favor; item (2), 97% voted for approval; and item (3), 96% of the stockholders voted in favor of this item.