Electric City Corp. Announces Reverse Split and New Ticker Symbol
June 12 2006 - 9:27AM
PR Newswire (US)
ELK GROVE VILLAGE, Ill., June 12 /PRNewswire-FirstCall/ -- Electric
City Corp. (OTC:ELCC) announced today that in connection with the
delisting of its common stock from the American Stock Exchange its
ticker symbol has changed to ELCC. A firm that currently makes a
market in the Company's common stock recently filed a Form 15c2-11
with the NASD seeking approval to begin quoting Electric City's
common stock on the OTC Bulletin Board (OTCBB). This firm believes
that their application may be approved as early as today. If
approval of this application is delayed the Company's common stock
will trade on the Pink Sheets until trading commences on the OTCBB.
The Company also announced today that its Board of Directors has
recently approved a 1 for 15 reverse split of its stock. No
fractional shares will be issued in connection with the reverse
split. All fractional shares that result from the split will be
rounded to the nearest whole share. The reverse split will take
effect and the shares will begin trading on a post-split basis at
the opening of business on Thursday, June 15, 2006. After giving
effect to the reverse split the Company will have approximately
3,420,000 shares of common stock outstanding and Series E preferred
stock convertible into approximately 1,550,000 shares of common
stock. Stockholders who hold their shares in brokerage accounts or
"street name" will not be required to take any action to effect the
exchange of their shares. Stockholders of record who hold physical
certificates registered with Electric City's transfer agent will
receive a transmittal letter requesting that they surrender their
old stock certificates for new stock certificates reflecting the
adjusted number of shares as a result of the reverse stock split.
LaSalle Bank, N.A., Electric City's transfer agent, will act as the
exchange agent for purposes of implementing the exchange of stock
certificates. About Electric City Corp. Electric City is a
developer, manufacturer and integrator of energy savings
technologies. Electric City is comprised of two integrated
operating companies that bring their extensive experience and
technologies together to provide customers with total energy
solutions. Electric City is based in Elk Grove Village, Illinois.
Additional information is available at the Company's website at
http://www.elccorp.com/ or by calling 847-437-1666. Electric City
Investor Relations Glen Akselrod, Bristol Capital Ltd. Telephone
905-326-1888 E-mail DATASOURCE: Electric City Corp. CONTACT:
Electric City Investor Relations, Glen Akselrod of Bristol Capital
Ltd., +1-905-326-1888, Web site: http://www.elccorp.com/
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