Electric City To Acquire Parke P.A.N.D.A. Corp
Electric City announced that they have signed a definitive agreement to acquire Parke P.A.N.D.A. Corp for $3 million in cash and $5 million of ELC stock. The acquisition is contingent upon the company raising additional equity capital and other conditions.
Parke P.A.N.D.A. is a California-based energy services provider that specializes in the design, engineering and installation of energy efficient lighting upgrades for commercial and industrial users.
Upon closing of the deal, Dan Parke, ELC board member and owner of Parke P.A.N.D.A., will take over the role as Electric City’s President and Chief Executive Officer.
The company also noted that it anticipates being de-listed from the American Stock Exchange and a move to the OTCBB.
