TEL AVIV, Israel, January 7, 2019 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE American: ELLO) (TASE:
ELLO) ("Ellomay" or the "Company"), a renewable
energy and power generator and developer of renewable energy and
power projects in Europe and
Israel, today announced that it
received a letter dated January 4,
2019 from NYSE American LLC ("NYSE American")
indicating that in connection with the end of the service term of
one of the Company's external directors on December 29, 2018, the Company is currently not
in compliance with the audit committee composition requirements set
forth in Section 803(B)(2)(a) of the NYSE American Company Guide.
NYSE American advised in the letter that the Company has until the
earlier of its next annual meeting or December 29, 2019 (or, if the next annual meeting
is held before June 27, 2019, until
June 27, 2019) to regain compliance
with the audit committee composition requirements.
The Company previously published a notice and proxy statement in
connection with an extraordinary meeting of its shareholders,
currently scheduled for January 24,
2019 (the "Extraordinary Meeting"). The agenda for
the Extraordinary Meeting includes a proposed election of a new
external director who is expected to become a member of the
Company's audit committee upon his election, thereby enabling the
Company to regain compliance with the NYSE American audit committee
composition requirements. For more information, see the Form 6-K
furnished by the Company to the Securities and Exchange Commission
on December 20, 2018.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE American and with the Tel Aviv Stock Exchange under
the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its
business in the renewable energy and power sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approximately 22.6MW of photovoltaic power plants in
Italy,
approximately 7.9MW of photovoltaic power plants in
Spain and a photovoltaic power
plant of approximately 9 MW in Israel;
- 9.375% indirect interest in Dorad Energy Ltd., which owns
and operates one of Israel's
largest private power plants with production capacity of
approximately 850 MW, representing about 6%-8% of Israel's total current electricity
consumption;
- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and
Ellomay Pumped Storage (2014) Ltd., all of which are involved in a
project to construct a 156 MW pumped storage hydro power plant in
the Manara Cliff, Israel;
- 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V.,
project companies operating or developing anaerobic digestion
plants with a green gas production capacity of approximately 375
Nm3/h, in Goor, the Netherlands
and 475 Nm3/h, in Oude Tonge, the
Netherlands, respectively.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich. Mr. Nehama is one of
Israel's prominent businessmen and
the former Chairman of Israel's
leading bank, Bank Hapohalim, and Messrs. Raphael and Fridrich both
have vast experience in financial and industrial businesses. These
controlling shareholders, along with Ellomay's dedicated
professional management, accumulated extensive experience in
recognizing suitable business opportunities worldwide. Ellomay
believes the expertise of Ellomay's controlling shareholders and
management enables the Company to access the capital markets, as
well as assemble global institutional investors and other potential
partners. As a result, we believe Ellomay is capable of considering
significant and complex transactions, beyond its immediate
financial resources.
For more information about Ellomay,
visit http://www.ellomay.com.
Information Relating to Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions of
management are forward-looking statements. The use of certain
words, including the words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations
disclosed in the forward-looking statements and you should not
place undue reliance on the Company's forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
the Company's forward-looking statements, including the Company's
inability to obtain the majority required for the election of the
new external director. These and other risks and uncertainties
associated with the Company's business are described in greater
detail in the filings the Company makes from time to time with
Securities and Exchange Commission, including its Annual Report on
Form 20-F. The forward-looking statements are made as of this date
and the Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: hilai@ellomay.com
SOURCE Ellomay Capital Ltd