NEW YORK, Dec. 30, 2009 (GLOBE NEWSWIRE) -- MMC Energy, Inc. announced today that its Board of Directors today approved a second liquidating distribution to shareholders in the amount of $0.15 per share. Together with the first distribution of $1.35 per share paid on October 7, 2009, total distributions paid to shareholders are $1.50 per share.
The Company expects to fund its payment agent, Continental Stock Transfer & Trust Company, today and that the distribution will be sent to all eligible holders promptly. All shareholders will automatically receive their distributions in the same manner elected for the first distribution.
The Company will continue to wind up its affairs in accordance with Delaware law. The Company's sole remaining assets consist of cash and a lawsuit for money damages filed in the State of New York against one of its former officers. There can be no assurance that such former officer would have assets available to satisfy such claim if the Company is successful in obtaining a judgment against him. Such former officer has sued the Company in the State of Florida for, among other things, intentional infliction of emotional distress. The Company regards such claims as frivolous and intends to defend itself vigorously. In light of the foregoing uncertainties, there can be no assurance the Company will make any further distributions.
About MMC Energy, Inc.:
The Company has liquidated its electricity generating and energy infrastructure-related assets in the United States and is in the process of winding up its affairs in accordance with Delaware law.
Forward Looking Statements:
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 including the amount of liquidation distribution proceeds ultimately available to the Company's shareholders. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update these forward-looking statements.