Pacific Ethanol, Inc. Announces Results of Annual Meeting of Stockholders
SACRAMENTO, Calif., June 3, 2010 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc. (Nasdaq:PEIX), the leading West Coast marketer and producer of low carbon renewable fuels, announced today's results of its 2010 Annual Meeting of stockholders. At the meeting, the Company's stockholders elected the eight directors who stood for election to the Company's board of directors to serve until the 2011 Annual Meeting or until their respective successors are duly elected and qualified. The Company's stockholders also voted on and approved all of the Company's other proposals, summarized as follows:
-- An increase in the Company's authorized shares of common stock from 100,000,000 to 300,000,000; -- An increase in the Company's authorized shares of common stock under its 2006 Stock Incentive Plan from 2,000,000 to 6,000,000; -- The continuance of the Company's exchange program under which it issues shares of its common stock to a third party which has purchased Company indebtedness from Lyles United LLC and Lyles Mechanical Co.; -- The participation by the Company in certain specified financing transactions; and -- A ratification of the appointment of Hein & Associates LLP as the Company's independent registered public accounting firm for the year ending December 31, 2010.
Neil M. Koehler, President and CEO, said, "We appreciate the strong support that stockholders have shown for our Board today through the election of our directors. We are also pleased with the results of our 2010 Annual Meeting as we believe they validate management's plans to secure the Company's best position, both financially and competitively. With the confidence of our stockholders, we will continue to move forward with our corporate restructuring efforts as we strive to return the Company to profitability."
Final voting results will be reported on Form 8-K, which will be filed with the Securities and Exchange Commission.
The Pacific Ethanol, Inc. logo is available at https://www.globenewswire.com/newsroom/prs/?pkgid=5940
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release including, without limitation, the ability of Pacific Ethanol to continue as the leading producer and marketer of low carbon renewable fuels in the Western United States are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements. The Company refers you to the "Risk Factors" section contained in Pacific Ethanol's Form 10-K filed with the Securities and Exchange Commission on March 31, 2010.
CONTACT: Pacific Ethanol, Inc. Investor Relations: 916-403-2755 866-508-4969 InvestorRelations@pacificethanol.net Media Contact: Paul Koehler 503-235-8241 email@example.com
Released June 3, 2010