EX-99.1
2
v162300_ex99-1.htm
MMC
ENERGY, INC.
26
Broadway
Suite
960
New York,
NY 10004
(212)
977-0900
MMC
ENERGY, INC. COMPLETES TURBINE SALE
New York-
October 6, 2009-MMC Energy, Inc. (NASDAQ: MMCE) announced today that it has
completed the sale of its two GE LM6000 PC Sprint turbines for $26.65 million to
a subsidiary of Pro Energy.
The sale
of the turbines was part of a process to liquidate the Company's remaining
assets as contemplated by the liquidation plan of the Company, which plan was
overwhelmingly approved at a shareholders' meeting held on September 14,
2009. MMC Energy had previously announced the completion of the sale
of its Chula Vista and Escondido electric generating facilities and certain
other assets for $4,865,500 to affiliates of Wellhead Electric Company,
Inc.
As
previously announced, with the turbine sale completed, the Company will now make
the first of at least two liquidating dividend payments to
shareholders. The Board of Directors today approved the amount of the
first distribution to be $1.35 per share. The Company expects to fund
its payment agent, Continental Stock, Transfer & Trust Company, today and
that the distributions will reach beneficial owner accounts within 3-5 business
days. Registered shareholders who hold paper share certificates
directly will be required to turn in their shares with other required paperwork
which will be mailed to them promptly along with detailed
instructions.
The
Company has also revised its range of expected aggregate distributions to be
$1.45-$1.60 per share.
As
previously announced, coincident with closing the turbine sale, we anticipate
trading in our common stock will be permanently suspended by the NASDAQ Global
Market, effective at the close of trading today.
About
MMC Energy, Inc.:
The
Company is currently liquidating its electricity generating and energy
infrastructure-related assets in the United States. The Company is traded on the
NASDAQ Global Market in the United States.
Forward
Looking Statements:
This
press release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934 including the amount of liquidation distribution
proceeds ultimately available to the Company's shareholders. Although the
forward-looking statements in this release reflect the good faith judgment of
management, forward-looking statements are inherently subject to known and
unknown risks and uncertainties that may cause actual results to be materially
different from those discussed in these forward-looking statements including,
but not limited to, those risks described in the Company's Annual Report on Form
10-K, its most recent prospectus filed with the SEC on November 19, 2007 and in
its other public filings. Readers are urged not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release. The
Company undertakes no obligation to update these forward-looking
statements.
Source:
MMC Energy, Inc.
Contact:
MMC
Energy Inc.
Denis
G. Gagnon, Chief Financial Officer
(212)
785-5478
www.mmcenergy.com

EX - 99 . 1 2 v162300 _ ex99 - 1 . htm MMC ENERGY , INC . 26 Broadway Suite 960 New York , NY 10004 ( 212 ) 977 - 0900 MMC ENERGY , INC . COMPLETES TURBINE SALE New York - October 6 , 2009 - MMC Energy , Inc . ( NASDAQ : MMCE ) announced today that it has completed the sale of its two GE LM6000 PC Sprint turbines for $ 26.65 million to a subsidiary of Pro Energy . The sale of the turbines was part of a process to liquidate the Company ' s remaining assets as contemplated by the liquidation plan of the Company , which plan was overwhelmingly approved at a shareholders ' meeting held on September 14 , 2009 . MMC Energy had previously announced the completion of the sale of its Chula Vista and Escondido electric generating facilities and certain other assets for $ 4,865,500 to affiliates of Wellhead Electric Company , Inc . As previously announced , with the turbine sale completed , the Company will now make the first of at least two liquidating dividend payments to shareholders . The Board of Directors today approved the amount of the first distribution to be $ 1.35 per share . The Company expects to fund its payment agent , Continental Stock , Transfer & Trust Company , today and that the distributions will reach beneficial owner accounts within 3 - 5 business days . Registered shareholders who hold paper share certificates directly will be required to turn in their shares with other required paperwork which will be mailed to them promptly along with detailed instructions . The Company has also revised its range of expected aggregate distributions to be $ 1.45 - $ 1.60 per share . As previously announced , coincident with closing the turbine sale , we anticipate trading in our common stock will be permanently suspended by the NASDAQ Global Market , effective at the close of trading today . About MMC Energy , Inc . : The Company is currently liquidating its electricity generating and energy infrastructure - related assets in the United States . The Company is traded on the NASDAQ Global Market in the United States . Forward Looking Statements : This press release contains " forward - looking statements " within the meaning of Section 27A of the Securities Act of 1933 , as amended , and Section 21E of the Securities Exchange Act of 1934 including the amount of liquidation distribution proceeds ultimately available to the Company 's shareholders . Although the forward - looking statements in this release reflect the good faith judgment of management , forward - looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward - looking statements including , but not limited to , those risks described in the Company 's Annual Report on Form 10 - K , its most recent prospectus filed with the SEC on November 19 , 2007 and in its other public filings . Readers are urged not to place undue reliance on these forward - looking statements , which speak only as of the date of this release . The Company undertakes no obligation to update these forward - looking statements . Source : MMC Energy , Inc . Contact : MMC Energy Inc . Denis G . Gagnon , Chief Financial Officer ( 212 ) 785 - 5478 www.mmcenergy.com