Brief: AETI Signs Share Exchange Deal With Stabilis Energy

Stabilis Solutions

18/12/2018 01:12

Dec 17 (Reuters) - American Electric Technologies Inc
 AETI.O :
    * AETI ANNOUNCES SIGNING OF A DEFINITIVE SHARE EXCHANGE
AGREEMENT
WITH STABILIS ENERGY TO CREATE A LEADING NORTH AMERICAN
SMALL-SCALE LNG PRODUCTION AND DISTRIBUTION PLATFORM
    * AETI- COMBINED BUSINESS TO INCLUDE STABILIS' SMALL-SCALE
LNG
PRODUCTION AND DISTRIBUTION BUSINESSES AND CO'S EXISTING
INTERNATIONAL BUSINESSES
    * AMERICAN ELECTRIC TECHNOLOGIES-JAMES REDDINGER,CURRENT
PRESIDENT
AND CHIEF EXECUTIVE OFFICER OF STABILIS,TO SERVE AS PRESIDENT
AND CEO OF COMBINED CO
    * AMERICAN ELECTRIC TECHNOLOGIES- AETI'S BOARD OF DIRECTORS
HAS
DETERMINED THAT SHARE EXCHANGE AGREEMENT IS FAIR TO AND IN BEST
INTERESTS OF AETI
    * CASEY CRENSHAW, CONTROLLING SHAREHOLDER OF STABILIS, WILL
SERVE
AS EXECUTIVE CHAIRMAN
    * AMERICAN ELECTRIC- STABILIS AND ITS SUBSIDIARIES WILL
BECOME
WHOLLY-OWNED SUBSIDIARIES OF AETI, EXISTING SHAREHOLDERS WILL
OWN 11% OF COMBINED CO
    * COMBINED COMPANY WILL BE RENAMED "STABILIS ENERGY, INC"
    * SAYS CASEY CRENSHAW, CONTROLLING SHAREHOLDER OF STABILIS,
WILL
SERVE AS EXECUTIVE CHAIRMAN
    * AETI- EACH COMPANY AGREED TO PAY OTHER COMPANY'S EXPENSES
IF
AGREEMENT IS TERMINATED UNDER CERTAIN CIRCUMSTANCES PRIOR TO
CLOSING OF TRANSACTION

Source text for Eikon:  ID:nGNX4ps7Tm 
Further company coverage:  AETI.O 

 ((Reuters.Briefs@thomsonreuters.com;))