Mercury Air Group, Inc. Announces Consummation of Reverse/Forward Stock Split
17 September 2005 - 11:19AM
PR Newswire (US)
LOS ANGELES, Sept. 16 /PRNewswire-FirstCall/ -- Mercury Air Group,
Inc. (AMEX:MAX) (the "Company") announced today that it has filed
an Amended and Restated Certificate of Incorporation with the
Secretary of State of the State of Delaware to consummate a 1-for
501 reverse split of the Company's common stock immediately
followed by a 501-for-1 forward stock split of the Company's common
stock (the "Reverse/Forward Stock Split"). The Reverse/Forward
Stock Split took effect at 6:00 p.m. (Eastern Daylight Time)
Friday, September 16, 2005. In conjunction with the Reverse/Forward
Stock Split, the Company intends to deregister its common stock
under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Stockholders owning fewer than 501 shares of the
Company's common stock prior to 6:00 p.m. (Eastern Daylight Time)
on September 16, 2005, the effective time of the Reverse/Forward
Stock Split, will receive cash at a price of $4.00 per share owned
by such stockholders prior to the Reverse/Forward Stock Split.
Stockholders owning 501 or more shares of the Company's common
stock prior to the Reverse/Forward Stock Split continue to own the
same number of shares of the Company's common stock immediately
after the consummation of the Reverse/Forward Stock Split as they
did immediately before the transaction. Stockholders who are to be
cashed out as a result of the Reverse/Forward Stock Split will be
notified by the Company's transfer agent, American Stock Transfer
and Trust Company, and receive instructions regarding the exchange
of their stock certificates for cash. Based on information
available to the Company, the number of holders of record of the
Company's common stock has been reduced to fewer than 300 as a
result of the Reverse/Forward Stock Split, and the Company intends
to file a Form 15 with the Securities and Exchange Commission today
(the "SEC") in order to terminate the registration of its common
stock under the Exchange Act. Upon the filing of the Form 15, the
Company will no longer be required to file periodic reports with
the SEC, including annual reports on Form 10-K and quarterly
reports on Form 10-Q, and will no longer be subject to the SEC's
proxy rules. In addition, the Company has requested that the
American Stock Exchange delist the Company's common stock prior to
the opening of the market on September 19, 2005. Following
delisting by the American Stock Exchange, Mercury's common stock
will immediately become listed on the pink sheets. Mercury will
provide reports as to its financial condition and results of
operations which may be accessed at http://www.pinksheets.com/.
About Mercury Air Group Los Angeles-based Mercury Air Group
(AMEX:MAX) provides aviation petroleum products, air cargo services
and transportation, and support services for international and
domestic commercial airlines, general and government aircraft and
specialized contract services for the United States government.
Mercury Air Group operates three business segments worldwide:
MercFuel, Inc., Maytag Aircraft Corporation and Mercury Air Cargo,
Inc. For more information, please visit
http://www.mercuryairgroup.com/. Certain statements contained in
this news release which are not historical facts are forward
looking statements as that item is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from estimated results. Such
risks and uncertainties are detailed in the Company's filings with
the Securities and Exchange Commission. The Company intends these
forward looking statements to speak only as of the time of the news
release and does not undertake to update or revise them, as more
information becomes available. Company Contact: Joseph Czyzyk
Mercury Air Group, Inc. (310) 827-2737 Public Relations Contact:
Melissa Spraul MWW Group 213-486-6560 DATASOURCE: Mercury Air
Group, Inc. CONTACT: Joseph Czyzyk of Mercury Air Group, Inc.,
+1-310-827-2737; or Melissa Spraul of MWW Group, +1-213-486-6560,
for Mercury Air Group, Inc. Web site:
http://www.mercuryairgroup.com/
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