AETI reports discussions with Director Casey Crenshaw
June 12 2017 - 7:00AM
American Electric Technologies, Inc. (NASDAQ:AETI), a leading
supplier of power delivery solutions for the global energy
industry, today reported that it is in discussions with Casey
Crenshaw, a Director of the Company, concerning potential business
strategies, opportunities and financing.
The Board of Directors has established a conflicts committee
composed of three of its independent Directors and the Company has
entered into a customary confidentiality agreement in connection
with such discussions.
“Casey Crenshaw has been a valued investor and member of the
Board of Directors since 2012 and we look forward to the
discussions,” said Charles Dauber, President and CEO of the
Company.
There can be no assurance that any specific transactions will
result from these discussions. The Company does not expect to make
any further comments regarding these discussions unless and until
it is appropriate to do so.
As previously disclosed in the Company's Current Report on Form
10-Q filed March 27, 2017 and Quarterly Report on Form 10-Q filed
May 15, 2017, the Company and the holder of the Company's
outstanding Series A Preferred Stock, which is beneficially owned
by Casey Crenshaw, entered into an agreement restricting payment of
cash dividends on and redemption of the Series A Preferred Stock to
facilitate the sale of the Company's senior secured Term Note in
March 2017. In consideration for the Holder’s consent to the
foregoing restrictions the Company is negotiating with the Holder
an adjustment to the conversion price of the Common Stock issued
upon conversion of the Series A Preferred Stock and exercise price
of the Common Stock Purchase Warrants issued to the Holder in
connection with the purchase of the Series A Preferred Stock in
2012 to reflect the current market value of the Company’s common
stock.
American Electric Technologies, Inc.
(NASDAQ:AETI) is a leading provider of power delivery solutions to
the global energy industry. AETI offers M&I Electric™ power
distribution and control products, electrical services, and
construction services.
AETI is headquartered in Houston and has global
sales, support and manufacturing operations in Beaumont, Texas and
Houma, Louisiana; and Rio de Janeiro, Macaé and Belo Horizonte,
Brazil. In addition, AETI has minority interests in two joint
ventures, which have facilities located in Xian, China and
Singapore. AETI's SEC filings, news and product/service information
are available at www.aeti.com.
Forward Looking StatementsThis press release
contains forward-looking statements, as defined in Section 27A of
the Securities Exchange Act of 1934, concerning anticipated future
domestic and international demand for our products, and other
future plans and objectives. While the Company believes that such
forward-looking statements are based on reasonable assumptions,
there can be no assurance that such future revenues, profits, plans
and objectives will be achieved on the schedule or in the amounts
indicated. Investors are cautioned that these forward-looking
statements are not guarantees of future performance. Actual events
or results may differ from the Company’s expectations, and are
subject to various risks and uncertainties, including those listed
in Item 1A of the Form 10-K filed with the Securities and Exchange
Commission on March 30, 2017. The Company assumes no obligation to
publicly update or revise its forward-looking statements even if
experience or future events make it clear that any of the projected
results expressed or implied herein will not be realized.
Investor Contact:
American Electric Technologies, Inc.
Bill Brod
713-644-8182
investorrelations@aeti.com
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