DALLAS, May 04, 2017 (GLOBE NEWSWIRE) -- P10 Industries, Inc. (OTC:PIOIQ), formerly Active Power, Inc., today announced that the conditions to effectiveness of the prepackaged plan of reorganization under Chapter 11 of the Federal Bankruptcy Code, as amended and approved on April 26th by the Honorable Craig A. Gargotta, U.S. Bankruptcy Court, San Antonio, Texas, have occurred. As a result, the Plan Effective Date is May 4, 2017.
The key features of the plan include:
- 210/P10 Investment LLC paid $4.65 million for approximately 21.65 million shares of the company’s common stock
- $10 million dollar acquisition line of credit with 210/P10 Investment LLC agreed to and in place
- Satisfied all liabilities with Langley Holdings associated with the APA including their assumption of the Braker facility lease
- Shareholders of record on May 4, 2017 will receive one share of new common stock in P10 Industries in exchange for each share of stock owned, reflecting a new charter amendment restricting certain transfers to protect the Company’s net operating losses
- Board members include Robert Alpert (Chairman), C. Clark Webb, Daryl Dulaney, Mark C. Hood and Mark A. Ascolese, with Stephen Clearman remaining as an observer
- CEO agreement to a reduced salary and release from prior employment agreement in exchange for options to purchase 1.6 million shares of common stock
- PIOIQ will trade under the symbol PIOE
- The company’s headquarters has moved to:
| 8214 Westchester Suite 950 Dallas, Texas 75225 |
“Today we turn the page on a new era for P10 Industries,” said Mark A. Ascolese, CEO of P10 Industries. “We have completed the implementation of the conditions of the plan approved last week and are now focused on executing our business plan”.
“We are excited about our investment in P10,” said Robert Alpert, Managing Director of 210/P10 Investment LLC and Chairman of the Board of P10 Industries. “We can now go about the business of monetizing the company’s IP, growing the Company’s business, and creating shareholder value.”
Certain statements in this press release are forward-looking and are based upon the company’s current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, the ability to implement the company’s business plan and known trends and uncertainties, as described in the company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the company's actual results and plans could differ materially from those expressed in the forward-looking statements.
About P10 Industries P10 Industries is a company led by proven, experienced business leaders aimed at monetizing intellectual property assets and acquiring profitable businesses in the commercial and industrial markets to generate profit and positive cash flows, ultimately creating long-term shareholder value. P10’s current business commenced on November 19, 2016, following completion of an asset acquisition of its Active Power assets by Piller Power Systems, Inc. (formerly known as Piller USA, Inc.), a subsidiary of Langley Holdings PLC. Active Power changed its name to P10 Industries pursuant to the terms of the acquisition agreement. For more information, visit www.p10industries.com . P10 Industries stock trades on the OTC Pink Market, which is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities. P10 Industries stock trades under the symbol “PIOE.”
P10 Press and Investor Contact: Jay Powers CFO and Vice President, Finance (214)-999-0149 jpowers@p10industries.com
