EDCI Holdings, Inc. Announces Approval of Plan of Liquidation and Dissolution by Stockholders
07 Enero 2010 - 9:31AM
PR Newswire (US)
NEW YORK, Jan. 7 /PRNewswire-FirstCall/ -- EDCI Holdings, Inc.
(NASDAQ: EDCI) ("the Company" or "EDCI"), today announced that, at
the Company's Special Meeting of Stockholders held on January 7,
2010, the stockholders of EDCI voted to approve the voluntary
dissolution and liquidation of the Company pursuant to a Plan of
Complete Liquidation and Dissolution (the "Plan of Dissolution").
Approval of the Plan of Dissolution required the affirmative vote
of a majority of the outstanding shares of EDCI's common stock.
Stockholders representing approximately 67% of the outstanding
shares of EDCI's common stock voted in favor of the Plan of
Dissolution, and of the stockholders voting, over 99% voted in
favor of the Plan of Dissolution. As previously announced by the
Company, in connection with the approval of the Plan of
Dissolution, the Company's Board of Directors has approved an
initial distribution of cash to its stockholders of up to $30
million. In addition, EDCI is also considering using a portion of
the initial distribution of up to $30 million to effect a tender
offer in conjunction with the dissolution process. The Board of
Directors of EDCI will meet shortly to: a) fix the record date for
determining stockholders entitled to participate in the initial
distribution b) establish the date for which the stockholders
eligible to participate in the initial distribution will be paid
and c) determine what portion, if any, of the initial distribution
will be used to effect a tender offer. About EDCI Holdings, Inc.
EDCI Holdings, Inc. (NASDAQ:EDCI) is a multi-national company,
headquartered in New York, that is seeking to enhance shareholder
value by pursuing acquisition opportunities. EDCI is the holding
company of Entertainment Distribution Company, Inc., which is the
majority shareholder of Entertainment Distribution Company, LLC
("EDC"), a European provider of supply chain services to the
optical disc market. EDC serves every aspect of the manufacturing
and distribution process and is one of the largest providers in the
industry. EDC's clients include some of the world's best-known
music, movies and gaming companies. EDC's operations include
manufacturing and distribution facilities in Hannover, Germany. For
more information, please visit http://www.edcih.com/. Cautionary
Statement About Forward Looking Statements This press release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 that involve risks
and uncertainties concerning EDCI's proposed Plan of Dissolution.
Actual results may differ materially from the results predicted.
More information about these and other important factors that could
affect our business and financial results is included in the "Risk
Factors" section of our quarterly report on Form 10-Q we filed with
the Securities and Exchange Commission ("SEC") on October 30, 2009
and the proxy statement we filed with the SEC on November 16, 2009.
Web site: http://www.edcih.com/ DATASOURCE: EDCI Holdings, Inc.
CONTACT: Matt Behrent, +1-646-201-9549 Web Site:
http://www.edcih.com/
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