Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,524.17 22.52 0.14%
S&P 500 1,881.90 6.51 0.35%
NASDAQ 4,156.30 29.34 0.71%
Ticker Volume Price Price Delta
STOXX 50 3,189.81 13.84 0.44%
FTSE 100 6,703.00 28.26 0.42%
DAX 9,548.68 4.49 0.05%
Ticker Volume Price Price Delta
NIKKEI 14,404.99 -141.28 -0.97%
TOPIX 1,164.90 -8.91 -0.76%
HANG SENG 22,562.80 53.16 0.24%

Steel Excel Inc. Completes Tender Offer for Shares of iGO, Inc.



Steel Excel Inc. Completes Tender Offer for Shares of iGO, Inc.

SCOTTSDALE, Ariz., and WHITE PLAINS, N.Y., Aug. 23, 2013 (GLOBE NEWSWIRE) --
Steel Excel Inc. (Other OTC:SXCL) ("Steel") and iGO, Inc. (Nasdaq:IGOI) (the
"Company") today announced that Steel has successfully completed its
previously announced tender offer for up to 1,316,866 of the outstanding
shares of common stock of the Company for $3.95 per share, net to the seller
in cash without interest and less any applicable withholding taxes.

The tender offer expired at 5:00 p.m. (New York City time) on Thursday, August
22, 2013. Computershare Trust Company, N.A., the depositary for the tender
offer, has advised that, as of the expiration of the tender offer, 2,075,007
shares of the Company's common stock (including 16,716 shares subject to
notices of guaranteed delivery) were validly tendered and not properly
withdrawn pursuant to the tender offer, representing approximately 69.3% of
the outstanding shares of the Company's common stock on a fully diluted basis,
as of July 11, 2013. The aggregate number of shares of the Company's common
stock validly tendered and not properly withdrawn pursuant to the tender offer
satisfies the condition to the tender offer that at least 897,864 outstanding
shares of the Company's common stock be validly tendered and not properly
withdrawn prior to the expiration of the tender offer. Accordingly, Steel has
accepted for payment 1,316,866 shares of the Company's common stock validly
tendered and not properly withdrawn pursuant to the tender offer.

The number of shares of the Company's common stock validly tendered and not
properly withdrawn pursuant to the tender offer exceeded the maximum tender
amount of 1,316,866 shares.  Because the tender offer was oversubscribed, the
number of shares of the Company's common stock that Steel accepted for
purchase from each of the tendering stockholders will be prorated.  The
estimated proration factor is approximately 63.5% of the shares of the
Company's common stock tendered (including shares tendered in accordance with
the guaranteed delivery procedures). The proration factor limits Steel's
purchase to 44.0% of the shares of the Company's common stock outstanding as
of July 11, 2013 on a fully diluted basis, in accordance with the terms of the
tender offer.

The number of shares of the Company's common stock validly tendered and not
properly withdrawn (including shares tendered pursuant to guaranteed delivery
procedures) and the estimated proration factor are subject to verification by
the depositary. The final number of shares of the Company's common stock
validly tendered and not properly withdrawn and the final proration factor
will be announced following completion of the depositary's verification
process.  Payment for shares of the Company's common stock accepted for
payment by Steel, based on a final proration factor to be provided by the
depositary, and adjustments to avoid purchases of fractional shares of the
Company's common stock, will be made promptly upon determination of the final
proration factor in accordance with the terms of the tender offer. All shares
of the Company's common stock tendered but not accepted for payment in the
tender offer will be returned to the tendering stockholders.

Upon its payment for the tendered shares, Steel will own approximately 44.0%
of the Company's outstanding shares of common stock on a fully diluted basis.

About iGO, Inc.

iGO, Inc. offers a full line of innovative accessories for almost every mobile
electronic device on the market.  Whether consumers want to power, protect,
listen to, share, cool, hold or connect to their devices, iGO has the
accessories they need.

iGO's products are available at www.igo.com as well as through leading
resellers and retailers. For additional information call 480-596-0061, or
visit www.igo.com.

iGO is a registered trademark of iGO, Inc. All other trademarks or registered
trademarks are the property of their respective owners.

About Steel Excel Inc.

Steel Excel Inc., through its two business segments, Steel Energy Ltd. and
Steel Sports Inc., is committed to acquiring, strengthening and growing
profitable businesses. Steel Energy provides well servicing, workover and
other services to the oil and gas industry. Steel Sports is a network of
branded participatory and experience-based businesses engaged in sports,
training, entertainment and consumer lifestyle.  More information is available
at Steel Excel's website: www.steelexcel.com.

Forward-looking statements

Certain statements made in this press release are "forward-looking
statements." Such forward-looking statements may be identified by, among other
things, the use of forward-looking terminology such as "believes", "expects",
"may", "should", "intend" or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of strategy
that involve risks and uncertainties.  These statements are based on current
expectations of future events. If underlying assumptions prove inaccurate or
unknown, or unknown risks or uncertainties materialize, actual results could
vary materially from iGO, Inc.'s or Steel Excel Inc.'s expectations and
projections. Risks and uncertainties include, among other things, the ability
to effect the transactions on a timely basis or at all, business effects,
including effects of industry, economic or political conditions outside either
company's control, as well as other cautionary statements contained in iGO,
Inc.'s periodic reports filed with the Securities and Exchange Commission,
including in its Annual Report on Form 10-K for the year ended December 31,
2012, and in Steel Excel Inc.'s periodic reports filed with the Securities and
Exchange Commission, including in its Annual Report on Form 10-K for the year
ended December 31, 2012. Neither iGO, Inc. nor Steel Excel Inc. undertakes to
update the disclosures made herein, and you are urged to read their respective
filings with the Securities and Exchange Commission.

CONTACT: Tony Rossi
         Financial Profiles
         trossi@finprofiles.com
        
         Simon Coope
         MacKenzie Partners, Inc.
         (212) 929-5085
         scoope@mackenziepartners.com

iGO, Inc. Logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement