Pioneer Power Solutions, Inc. Completes the Acquisition of Titan Energy Worldwide, Inc.
FORT LEE, N.J., Jan. 2, 2015 /PRNewswire/ -- On December 31, 2014, Pioneer Power Solutions, Inc. (PPSI) ("Pioneer" or the "Company") completed the purchase of 100% of the preferred stock of Titan Energy Worldwide, Inc. (TEWI) ("Titan") from 24 individual stockholders, and a short-form merger between Titan and a wholly-owned subsidiary of Pioneer. As a result of the merger, each outstanding share of Titan common stock was cancelled and converted into the right to receive $0.0007 per share of Titan common stock. Furthermore, as a result of the merger, Titan ceased to be a public reporting company and its common stock will no longer be quoted for trading.
Prior to the completion of the transactions above, on December 2, 2014, Pioneer announced its intention to acquire all the outstanding stock of Titan that it did not already own through a series of privately-negotiated transactions and the merger. In addition, at the time, Pioneer announced its intention to purchase all of Titan's convertible and non-convertible notes, and warrants accompanying such notes, from existing holders. As of December 31, 2014, Pioneer had purchased $2.8 million of original principal amount of such notes from 23 individual holders, representing 95% percent of Titan's convertible and non-convertible notes outstanding.
Titan stockholders of record as of December 31, 2014 may receive the merger consideration by completing a letter of transmittal that will be mailed to them by a paying agent that has been appointed by Pioneer. Stockholders of record may seek additional information by calling the paying agent at the phone number listed in the shareholder materials that will be sent to each shareholder.
