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.
Gregory D. Frost, the Company’s CEO, commented, “We are very pleased by the overwhelming support of our shareholders approving the All American asset acquisition and excited by the prospect of combining our Company with All American. This will enable us to cross-market all of our energy products while at the same time reducing our operating costs. The eleven All American facilities will provide Able with additional distribution points for the sale of home heating oil, bioheat and biodiesel fuel to commercial and residential customers.”
Completion of the acquisition of the assets of AAP is subject to review and approval by Nasdaq of a listing application filed by the Company containing information relating to AAP.
Able’s common stock is traded on the NASDAQ Capital Market under the symbol “ABLE” and on the Boston Stock Exchange under the symbol “AEI”.
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, regulatory approvals, the closing of future financing rounds, the possibility of continuing operating losses, the costs of construction future or current, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
For information contact, Christopher P. Westad, President, (973) 625-1012