Pernix Group, Inc. Announces Sale of Preferred Stock and Repayment of Outstanding Debt
13 Gennaio 2014 - 3:00PM
Pernix Group, Inc. (OTCQB:PRXG) today announced that it has
significantly strengthened its balance sheet through the issuance
of $5 million of new Series A Cumulative Convertible Preferred
Stock and the repayment of approximately $2.3 million of debt. As a
result of this recapitalization, the Company has additional
liquidity to support its growth initiatives and has no debt
outstanding.
The preferred stock was issued to Pernix Group's two largest
shareholders, with Ernil Continental, S.A., BVI purchasing 550,000
shares, and Halbarad Group, Ltd., BVI purchasing 450,000 shares.
The shares were sold at $5.00 per share, with each share
convertible into 1.43 shares of Pernix Group common stock, for an
effective conversion price of $3.50 per share. The stated dividend
rate is 8.0% per annum, payable quarterly.
"This recapitalization provides a solid capital foundation for
Pernix Group, enhancing our ability to pursue and execute our
near-term growth initiatives, including expanding our power
generation business both domestically and overseas, forming new
joint ventures, and completing potential acquisitions in both
operating segments of our Company," commented Nidal Z. Zayed,
President and CEO of Pernix Group. "We have developed a strong
pipeline of new business opportunities, and we look forward to
consummating one or more of these highly strategic transactions
this year."
The Company filed Forms 8-K with the Securities and Exchange
Commission on December 23, 2013, and January 3, 2014 in connection
with the issuance of the preferred stock.
About Pernix Group, Inc.
Pernix Group, Inc. is a global company with its headquarters in
Lombard, Illinois. The Company is engaged in two primary operating
business segments: construction services as a Design-Build General
Contractor in the Federal and Government market; and building,
managing and investing in Power Generation Projects as an
Independent Power Producer. Pernix has full-scale construction and
management capabilities, with operations in Africa, the Middle
East, and the South Pacific. Pernix Group, Inc. common stock is
traded on the over-the-counter quotation board (OTCQB) under the
symbol PRXG. Additional information is available at
www.pernixgroup.com.
Forward-Looking Statement
Certain of the statements made in this press release are
forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Potential
risks and other factors that could cause or contribute to actual
results differing materially from such forward-looking statements
are discussed in greater detail in the Company's filings with the
U.S. Securities and Exchange Commission.
CONTACT: Gregg Pollack
Chief Financial Officer & Vice President - Administration
Pernix Group, Inc.
Tel: (630) 620-4787
gpollack@pernixgroup.com
Carol Groeber
Corporate Controller and Principal Accounting Officer
Pernix Group, Inc.
Tel: (630) 620-4787
cgroeber@pernixgroup.com
Casey Stegman
Director of Investor Relations
Stonegate Securities
Tel: (214) 987-4121
casey@stonegateinc.com
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