P10 Industries, Inc., formerly Active Power Inc., update on expedited hearing to seek approval for a number of administrative matters
AUSTIN, Texas, April 05, 2017 (GLOBE NEWSWIRE) -- P10 Industries, Inc. (OTC:PIOIQ), formerly Active Power, Inc., today announced the results of the expedited hearing on P10 Industries, Inc.'s: (1) Expedited Application of P10 Industries, Inc. for Order Pursuant to 11 U.S.C. §§ 327, 328 and 329 and Fed.R.Bankr. P. 2014 and 2016 Authorizing Employment and Retention of Eric Terry Law, PLLC as Counsel for Debtor (the "Terry Law Motion"); (2) Debtor's Expedited Motion for an Order Authorizing Employment and Payment of Professionals Utilized in the Ordinary Course of Business (the "Ordinary Course Professionals Motion"); and (3) Debtor's Application for Order Pursuant to Bankruptcy Code Section 327(e) and Bankruptcy Rules 2014 and 2016 Authorizing Employment and Retention of Reiter, Brunel & Dunn, PLLC as Special Counsel to the Debtor in Possession (the "Special Counsel motion"). These motions were all granted by the Honorable Craig A. Gargotta, U.S. Bankruptcy Court, San Antonio, Texas.
"We are happy that Judge Gargotta granted our motions today and that the pre-packaged bankruptcy process is progressing as planned," said Mark A. Ascolese CEO of P10 Industries, "the next important hearing will be on April 26th when we will be seeking approval of the plan we filed on March 22".
The company filed its voluntary chapter 11 petition and the Plan in the U.S. Bankruptcy Court for the Western District of Texas in San Antonio.
The information contained in this press release is for informational purposes only and does not constitute an offer to buy, nor a solicitation of an offer to sell, any securities of the company, nor does it constitute a solicitation of consent from any persons with respect to the transactions contemplated hereby and thereby. While the company expects the restructuring will take place in accordance with the plan, there can be no assurance that the company will be successful in completing a restructuring.
Certain statements in this press release are forward-looking and are based upon the company's current belief as to the outcome and timing of future events. All statements, other than statements of historical facts, that address activities that the company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future are forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, the ability to consummate the ability to confirm and consummate a plan of reorganization in accordance with the terms of the Plan; the ability to complete the financing transactions contemplated by the 210 RSA; the ability to complete the transactions contemplated by the Langley RSA; risks attendant to the bankruptcy process, including the effects thereof on the company's business and on the interests of various constituents, the length of time that the company might be required to operate in bankruptcy and the continued availability of operating capital during the pendency of such proceedings; risks associated with third party motions in any bankruptcy case, which may interfere with the ability to confirm and consummate a plan of reorganization in accordance with the terms of the plan; potential adverse effects on the company's liquidity or results of operations; increased costs to execute the reorganization in accordance with the terms of the plan; effects on the market price of the company's common stock and on the company's ability to access the capital markets; and known trends and uncertainties as described in the company's Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the company's actual results and plans could differ materially from those expressed in the forward-looking statements.
P10 Pressand Investor Contact:
CFO and Vice President, Finance