Active Power (ACPW) Announces Completion of Sale; Will Change Name to 'P10 Industries'
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Active Power (Nasdaq: ACPW) has completed the sale of its business to Piller Power Systems, Inc. ("Piller") pursuant to the Asset Purchase Agreement ("APA") announced Sept. 30, 2016. The deal was approved at a special meeting of stockholders on Nov. 16, 2016.
With its installed base of more than 5,000 kinetic energy storage units worldwide, Active Power complements Piller's business perfectly. Piller is the leading producer of large rotary uninterruptible power supply (UPS) systems and its own Power Bridge product is for higher capacity applications. Piller is now extremely well positioned in a global kinetic energy UPS market that is forecast to grow annually at nearly 9 percent between 2015 and 2024.(1)
"We are very pleased to have completed this acquisition," said Piller Group Managing Director - Global Businesses, Andrew Dyke. "The synergies between the two companies are clear and the products complementary, providing a solid platform from which to strengthen and grow Piller's position in the critical power sector by combining the talents, products and services of both organisations."
"The closing of this deal is a significant milestone," said Mark A. Ascolese, who is continuing as president and CEO of the newly named company P10 Industries, Inc. "The financial strength and long-term approach of Langley Holdings PLC, Piller's parent company, will serve as a significant enhancement to the ongoing Active Power business and I am confident will have a stabilizing and positive effect on it. The Active Power board firmly believes the sale of the business was the best alternative available, not only for stockholders, but also for customers, employees, vendors and other stakeholders."
Active Power Changes Name to P10 Industries Under the terms of the APA, Active Power was required to change its name to something other than "Active Power." Consequently, the company is changing its name to P10 Industries, Inc. The newly named company plans to raise fresh capital and take a new direction. For more information, go to www.p10industries.com.
Intent to Voluntary Delist Common Stock Active Power/P10 intends to notify NASDAQ of its intention to voluntarily delist its common stock from The NASDAQ Capital Market, as the company no longer meets NASDAQ's continued listing requirements. The company anticipates trading of its common stock will be suspended on The NASDAQ Capital Market on Dec. 1, 2016.
P10 anticipates its common stock will begin trading on the OTC Pink Market, which is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities, after Dec. 1, 2016. The P10 common stock will trade under its new trading symbol "PIOI." The company intends to issue unaudited financial and operational summaries on a quarterly basis and audited financial statements on an annual basis.
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