OMNI Announces Exercise of Warrants
07 Maggio 2010 - 2:25PM
OMNI Energy Services Corp. (Nasdaq:OMNI) today announced that it
has received notices from certain warrant holders for the exercise
of warrants originally purchased pursuant to the terms of a
Securities Purchase Agreement dated as of May 17, 2005, as
described in the Company's Form 8-K filed with the Securities and
Exchange Commission on May 24, 2005. The exercise price of these
warrants was $1.95 per share. Warrants to purchase an aggregate of
3,897,550 shares were exercised pursuant to their cashless exercise
provisions resulting in 1,267,716 shares of Company common stock
being issued. A warrant to purchase 100,000 shares was exercised
for cash, resulting in an additional 100,000 shares of Company
common stock being issued and the Company receiving cash of
approximately $0.2 million. Specific information concerning the
warrant exercises is set forth below.
Pursuant to the cashless exercise of warrants to purchase
3,648,000 shares by the Dennis Sciotto Family Trust (the "Sciotto
Trust"), the Company issued 1,186,547 shares of its common
stock. Dennis Sciotto, the trustee of the Sciotto Trust,
serves as the Chairman of the Board of the Company. The warrants
dated May, 17, 2005 and August 29, 2005 were set to expire on May
17, 2010 and August 29, 2010, respectively. After the exercise
of these warrants, Mr. Sciotto is now the beneficial owner of
5,803,877 shares of the Company's common stock representing
approximately 22.8 percent of the Company's outstanding common
stock.
Pursuant to the cashless exercise of a portion of a warrant to
purchase 168,800 shares by the Edward E. Colson III Trust (the
"Colson Trust"), the Company issued 54,904 shares of its common
stock. Mr. Colson, trustee of the Colson Trust, serves as a
director of the Company. The Colson Trust also paid $195,000 in
cash to exercise the remaining portion of the warrant to purchase
100,000 shares of the Company's common stock. The warrant was
set to expire on May 17, 2010. After the exercise of this
warrant, Mr. Colson is now the beneficial owner of 930,046 shares
of the Company's common stock representing approximately 4.0
percent of the Company's outstanding common stock.
Pursuant to the cashless exercise of a warrant to purchase
80,750 shares by James C. Eckert, the Company issued 26,265 shares
of its common stock. Mr. Eckert serves as an advisory director of
the Company. The warrant was set to expire on May 17,
2010. After the exercise of this warrant, Mr. Eckert is now
the beneficial owner of 713,753 shares of the Company's common
stock representing approximately 3.1 percent of the Company's
outstanding common stock.
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers
a broad range of integrated services to geophysical companies
engaged in the acquisition of on-shore seismic data and to oil and
gas companies operating primarily in the Gulf of Mexico. OMNI
provides its services through three business segments: Seismic
Services (including drilling, survey and permitting services),
Environmental and Other Services, and Equipment Leasing. OMNI's
services play a significant role with geophysical companies who
have operations in marsh, swamp, shallow water and the U.S. Gulf
Coast also called transition zones and contiguous dry land areas
also called highland zones.
Forward-looking statements in this release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risks and uncertainties
associated with the impact of the current economic climate, the
efficacy of I.M.P.A.C.T. ™ cleaning technology and
receipt of its patent, the timely conversion of seismic drilling
backlog into revenue, the acceptance and use of OMNI's
environmental cleaning services, OMNI's dependence on activity in
the oil and gas industry, labor shortages, permit delays,
dependence on significant customers, seasonality and weather risks,
competition, technological evolution, the ultimate outcome of
pending litigation, the continued growth of our environmental and
other services and equipment leasing business segments, and other
risks detailed in OMNI's filings with the Securities and Exchange
Commission.
OMNI&
CONTACT: OMNI Energy Services Corp.
Ronald D. Mogel, Senior Vice President and
Chief Financial Officer
(337) 896-6664
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