Pacific Ethanol Announces Additional Time for Stockholders to Consider and
Vote Upon Proposed Reverse Stock Split
SACRAMENTO, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- Pacific Ethanol, Inc.
(Nasdaq:PEIX), the leading marketer and producer of low-carbon renewable fuels
in the Western United States, today announced that its special meeting of
stockholders scheduled today at 9:00 a.m., Pacific Time, has been adjourned
until 9:00 a.m., Pacific Time, on Friday, May 10, 2013 at 400 Capitol Mall,
Suite 2060, Sacramento, California 95814, to provide its stockholders further
time to vote upon a proposed reverse stock split. All stockholders of record
as of March 19, 2013 are entitled to vote on the proposed reverse stock split.
A significant majority of the votes received to date are in favor of the
proposal. However, insufficient votes have been received to achieve a majority
of the outstanding shares required to amend Pacific Ethanol's charter.
Business of the Special Meeting
At the special meeting, stockholders will be asked to approve an amendment to
Pacific Ethanol's Certificate of Incorporation to effectuate a reverse split
of its issued and outstanding shares of common stock at a ratio of between
1-for-5 and 1-for-15, inclusive, to be selected at the sole discretion of the
Board of Directors ("Reverse Stock Split").
Pacific Ethanol strongly recommends that stockholders vote "FOR" the reverse
stock split as it is in the best interest of Pacific Ethanol and its
stockholders. If you have not voted, or have mislaid your proxy materials or
are uncertain if you have voted all the shares you are entitled to vote please
see "How You Can Vote," below. Every single vote counts. Please vote TODAY—by
internet or by telephone.
How You Can Vote
Stockholders will not have time to vote by mail and should instead vote by
telephone or over the Internet. To vote over the Internet, visit
www.proxyvote.com which provides specific instructions on how to vote. You
will need your 12-digit control number from your proxy card to vote. If you do
not have your control number, please contact Pacific Ethanol's proxy
solicitor, Georgeson, at (800) 790-6795 for assistance in voting your shares.
If you received multiple mailings and are uncertain if all your shares have
been voted or wish to confirm or change your vote, please contact Georgeson at
This material may be deemed to be solicitation material in respect of the
solicitation of proxies from stockholders in connection with the special
meeting. Pacific Ethanol has filed with the Securities and Exchange Commission
and mailed to its stockholders a proxy statement in connection with the
special meeting, and advises its stockholders to read the proxy statement and
any and all supplements and amendments thereto because they contain important
information. Stockholders may obtain a free copy of the proxy statement and
other documents filed by Pacific Ethanol with the Securities and Exchange
Commission at www.sec.gov. The proxy statement and these other documents may
also be obtained upon request addressed to Pacific Ethanol's Secretary at
Pacific Ethanol, Inc., 400 Capitol Mall, Suite 2060, Sacramento, California
About Pacific Ethanol, Inc.
Pacific Ethanol, Inc. (Nasdaq:PEIX) is the leading marketer and producer of
low-carbon renewable fuels in the Western United States. Pacific Ethanol also
sells co-products, including wet distillers grain ("WDG"), a nutritious animal
feed. Serving integrated oil companies and gasoline marketers who blend
ethanol into gasoline, Pacific Ethanol provides transportation, storage and
delivery of ethanol through third-party service providers in the Western
United States, primarily in California, Arizona, Nevada, Utah, Oregon,
Colorado, Idaho and Washington. Pacific Ethanol has an 83% ownership interest
in New PE Holdco LLC, the owner of four ethanol production facilities. Pacific
Ethanol operates and manages the four ethanol production facilities, which
have a combined annual production capacity of 200 million gallons. The
facilities in operation are located in Boardman, Oregon, Burley, Idaho and
Stockton, California, and one idled facility is located in Madera, California.
The facilities are near their respective fuel and feed customers, offering
significant timing, transportation cost and logistical advantages. Pacific
Ethanol's subsidiary, Kinergy Marketing LLC, markets ethanol from Pacific
Ethanol's managed plants and from other third-party production facilities, and
another subsidiary, Pacific Ag. Products, LLC, markets WDG. For more
information please visit www.pacificethanol.net.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
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 marketer and producer of low-carbon renewable fuels in
the Western United States are forward-looking statements and considerations
that involve a number of risks and uncertainties. The actual future results of
Pacific Ethanol could differ from those statements. Factors that could cause
or contribute to such differences include, but are not limited to, adverse
economic and market conditions; changes in governmental regulations and
policies; and other events, factors and risks previously and from time to time
disclosed in Pacific Ethanol's filings with the Securities and Exchange
Commission including, specifically, those factors set forth in the "Risk
Factors" section contained in Pacific Ethanol's Form 10-K filed with the
Securities and Exchange Commission on April 1, 2013.
CONTACT: COMPANY IR CONTACT:
PACIFIC ETHANOL, INC.
IR AGENCY CONTACT:
PACIFIC ETHANOL, INC.
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