Electric City recently announced that they will be delisting their shares from the American Stock Exchange at the market’s close on June 11, 2006.
After that time, they expect shares to trade on either the pink sheets or the OTCBB.
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.
Electric City just announced that they have just received a notice from the American Stock Exchange that states that the company’s stockholders equity is below the minimum level required for continued listing.
This is certainly bad news for the company and one I am disappointed to read.
I stumbled upon Electric City more than one year ago and was absolutely fascinated by their EnergySaver technology and the concept of the Virtual Negawatt Power Plant. The technology has been adopted by a number of well known companies, but Electric City’s successes have not yet been able to sustain their company.
Last night, Electric City (ELC) announced 4Q 2005 results of a “net loss of $6,872,738 on sales of $4,854,772 for the twelve months ended December 31, 2005, as compared to a net loss of $5,159,362 on sales of $2,412,635 for the twelve months ended December 31, 2004.”
Electric City will be doing their 4Q05 earnings conference call tomorrow at 4:15pm. Learn more here.
