Pacific Ethanol Announces Additional Time for Stockholders to Consider and Vote Upon Proposed Reverse Stock Split
April 30 2013 - 4:23PM
Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading
marketer and producer of low-carbon renewable fuels in the Western
United States, today announced that its special meeting of
stockholders scheduled today at 9:00 a.m., Pacific Time, has been
adjourned until 9:00 a.m., Pacific Time, on Friday, May 10, 2013 at
400 Capitol Mall, Suite 2060, Sacramento, California 95814, to
provide its stockholders further time to vote upon a proposed
reverse stock split. All stockholders of record as of March 19,
2013 are entitled to vote on the proposed reverse stock split. A
significant majority of the votes received to date are in favor of
the proposal. However, insufficient votes have been received to
achieve a majority of the outstanding shares required to amend
Pacific Ethanol's charter.
Business of the Special Meeting
At the special meeting, stockholders will be asked to approve an
amendment to Pacific Ethanol's Certificate of Incorporation to
effectuate a reverse split of its issued and outstanding shares of
common stock at a ratio of between 1-for-5 and 1-for-15, inclusive,
to be selected at the sole discretion of the Board of Directors
("Reverse Stock Split").
Pacific Ethanol strongly recommends that stockholders
vote "FOR" the reverse stock split as it is in the best interest of
Pacific Ethanol and its stockholders. If you have not voted, or
have mislaid your proxy materials or are uncertain if you have
voted all the shares you are entitled to vote please see "How You
Can Vote," below. Every single vote counts. Please vote TODAY—by
internet or by telephone.
How You Can Vote
Stockholders will not have time to vote by mail and should
instead vote by telephone or over the Internet. To vote over the
Internet, visit www.proxyvote.com which provides specific
instructions on how to vote. You will need your 12-digit control
number from your proxy card to vote. If you do not have your
control number, please contact Pacific Ethanol's proxy solicitor,
Georgeson, at (800) 790-6795 for assistance in voting your shares.
If you received multiple mailings and are uncertain if all your
shares have been voted or wish to confirm or change your vote,
please contact Georgeson at (800) 790-6795.
Important Information
This material may be deemed to be solicitation material in
respect of the solicitation of proxies from stockholders in
connection with the special meeting. Pacific Ethanol has filed with
the Securities and Exchange Commission and mailed to its
stockholders a proxy statement in connection with the special
meeting, and advises its stockholders to read the proxy statement
and any and all supplements and amendments thereto because they
contain important information. Stockholders may obtain a free copy
of the proxy statement and other documents filed by Pacific Ethanol
with the Securities and Exchange Commission at www.sec.gov. The
proxy statement and these other documents may also be obtained upon
request addressed to Pacific Ethanol's Secretary at Pacific
Ethanol, Inc., 400 Capitol Mall, Suite 2060, Sacramento, California
95814.
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (Nasdaq:PEIX) is the leading marketer and
producer of low-carbon renewable fuels in the Western United
States. Pacific Ethanol also sells co-products, including wet
distillers grain ("WDG"), a nutritious animal feed. Serving
integrated oil companies and gasoline marketers who blend ethanol
into gasoline, Pacific Ethanol provides transportation, storage and
delivery of ethanol through third-party service providers in the
Western United States, primarily in California, Arizona, Nevada,
Utah, Oregon, Colorado, Idaho and Washington. Pacific Ethanol has
an 83% ownership interest in New PE Holdco LLC, the owner of four
ethanol production facilities. Pacific Ethanol operates and manages
the four ethanol production facilities, which have a combined
annual production capacity of 200 million gallons. The facilities
in operation are located in Boardman, Oregon, Burley, Idaho and
Stockton, California, and one idled facility is located in Madera,
California. The facilities are near their respective fuel and feed
customers, offering significant timing, transportation cost and
logistical advantages. Pacific Ethanol's subsidiary, Kinergy
Marketing LLC, markets ethanol from Pacific Ethanol's managed
plants and from other third-party production facilities, and
another subsidiary, Pacific Ag. Products, LLC, markets WDG. For
more information please visit www.pacificethanol.net.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
With the exception of historical information, the matters
discussed in this press release including, without limitation, the
ability of Pacific Ethanol to continue as the leading marketer and
producer of low-carbon renewable fuels in the Western United States
are forward-looking statements and considerations that involve a
number of risks and uncertainties. The actual future results of
Pacific Ethanol could differ from those statements. Factors that
could cause or contribute to such differences include, but are not
limited to, adverse economic and market conditions; changes in
governmental regulations and policies; and other events, factors
and risks previously and from time to time disclosed in Pacific
Ethanol's filings with the Securities and Exchange Commission
including, specifically, those factors set forth in the "Risk
Factors" section contained in Pacific Ethanol's Form 10-K filed
with the Securities and Exchange Commission on April 1, 2013.
CONTACT: COMPANY IR CONTACT:
PACIFIC ETHANOL, INC.
916-403-2755
866-508-4969
INVESTORRELATIONS@PACIFICETHANOL.NET
IR AGENCY CONTACT:
BECKY HERRICK
LHA
415-433-3777
MEDIA CONTACT:
PAUL KOEHLER
PACIFIC ETHANOL, INC.
916-403-2790
PAULK@PACIFICETHANOL.NET
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