HUNTINGTON, W.Va., Aug. 4, 2011 /PRNewswire/ -- Energy Services of
America Corporation (the "Company") (NYSE-AMEX Equities: ESA) today
announced the extension of the offering period for its exchange
offer for all of its outstanding warrants. The offering
period as extended will expire at 5:00 p.m.
Eastern Time on September 28,
2011. The Company also announced that it was extending
the expiration date of the warrants until 5:00 p.m. Eastern Time on October 12, 2011. The tender offer was
previously set to expire at 5:00 p.m.
Eastern Time on August 20,
2011 and the warrants previously expired at 5:00 p.m. Eastern Time on August 29, 2011.
On July 13, 2011, the staff of
NYSE—AMEX notified the Company that the staff has interpreted its
rules to conclude that the issuance of shares of common stock in
exchange for warrants held by officers and directors of the Company
would be deemed equity compensation. Based on the staff's
interpretation, the issuance of shares of common stock to officers,
directors and employees of the Company in connection with the
exchange offer would require the consent of the Company's
stockholders pursuant to applicable NYSE—AMEX listing rules.
The Company extended the offering period and the expiration date of
the warrants so that the Company could consider whether to request
the consent of the stockholders and to allow the stockholders
sufficient time to consider and vote on the issue if the Company
does decide to present the issue to stockholders for
consideration.
As of August 3, 2011,
approximately 19,530,930 warrants had been tendered and not
properly withdrawn pursuant to the exchange offer, which
represented 96.3% of the outstanding warrants.
Energy Services of America Corporation provides construction
services to the natural gas, oil, chemical and electric industry.
We operate through our subsidiaries, CJ Hughes Construction,
CJ Hughes Pipeline, ST Pipeline and Nitro Electric. Our
corporate headquarters are located at 100 Industrial Lane,
Huntington, West Virginia
25702.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events, performance
and results of operations, and underlying assumptions and other
statements that are other than statements of historical facts.
These statements are subject to uncertainties and risks
including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks,
contained in statements filed from time to time with the Securities
and Exchange Commission. All such forward-looking statements,
whether written or oral, and whether made by or on behalf of the
Company, are expressly qualified by the cautionary statements and
any other cautionary statements which may accompany the
forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
SOURCE Energy Services of America Corporation