NEW YORK, Sept. 15, 2009 (GLOBE NEWSWIRE) -- MMC Energy, Inc. (Nasdaq:MMCE) announced that based on the receipt of preliminary results from its special meeting of stockholders, held September 14, 2009, stockholders have overwhelmingly approved the sale of its remaining power plants and certain other assets to affiliates of Wellhead Electric Company, Inc., as well as the Company's Plan of Complete Liquidation and Dissolution. The plan of liquidation is contingent upon closing the asset sale, which is expected to occur in the next few days subject to the parties' satisfaction of certain conditions as disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on August 20, 2009. The Company's proposals received over 9.3 million votes in favor with only 7,200 votes against.
In addition, the Company's stockholders voted to approve the amendment of its Certificate of Incorporation to reduce the number of its authorized shares, which was proposed by the Company as a cost saving measure.
About MMC Energy, Inc.:
The Company actively manages electricity generating and energy infrastructure-related assets in the United States. The Company is traded on the NASDAQ Global Market in the United States.
The Company has invested in electricity assets which provide essential services to key transmission constrained markets in California, where regulatory capacity requirements and a lack of local electricity supplies make peak electricity generation facilities valuable. To date, the Company has acquired three electricity generating assets in California, totaling 110 MW of capacity, all of which have now been sold pending closing.
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 Company's ability to consummate the sale of assets to Wellhead. 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 including, but not limited to, those risks described in the Company's Annual Report on Form 10-K, its most recent prospectus filed with the SEC on November 19, 2007 and in its other public filings. 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.