AUSTIN, Texas, April 26, 2017 (GLOBE NEWSWIRE) -- P10 Industries, Inc. (OTC:PIOIQ), formerly Active Power, Inc., today announced the results of the Confirmation hearing on P10 Industries, Inc.’s prepackaged plan of reorganization under Chapter 11 of the Federal Bankruptcy Code where the prepackaged plan as amended was approved by the Honorable Craig A. Gargotta, U.S. Bankruptcy Court, San Antonio, Texas.
“As we stated on March 22nd when we filed our plan, we were hoping to exit this process within a matter of weeks and are happy that Judge Gargotta approved the plan today,” said Mark A. Ascolese CEO of P10 Industries. “We hope to complete the implementation of the conditions of the plan in the next week and announce the Plan Effective Date at that time.”
In connection with the Plan, the company entered into a Restructuring Support Agreement (the “210 RSA”) with 210/P10 Investment LLC (“210 Capital”), as well as a Restructuring Support Agreement with Langley Holdings plc, the acquirer of P10’s former operations (“Langley RSA”). Subject to the terms and conditions of the plan and the 210 RSA, Dallas-based 210 Capital will invest $4.654 million cash in P10 in exchange for shares of the company’s common stock representing approximately 48% of the company.
In addition, 210 Capital will provide up to ten million dollars of financing to be used for acquisitions (subject to the terms and conditions of the plan and the 210 RSA) as P10 implements its strategy of monetizing its intellectual property and seeking investments in companies that generate profit and positive cash flows, thus creating long-term stockholder value.
About P10 Industries
P10 Industries is a company led by proven, experienced business leaders aimed at monetizing intellectual property assets and acquiring profitable businesses in the commercial and industrial markets to generate profit and positive cash flows, ultimately creating long-term shareholder value. P10’s current business commenced on November 19, 2016, following completion of an asset acquisition of its Active Power assets by Piller Power Systems, Inc. (formerly known as Piller USA, Inc.), a subsidiary of Langley Holdings PLC. Active Power changed its name to P10 Industries pursuant to the terms of the acquisition agreement. For more information, visit www.p10industries.com. P10 Industries stock trades on the OTC Pink Market, which is operated by OTC Markets Group, a centralized electronic quotation service for over-the-counter securities. P10 Industries stock trades under the symbol “PIOIQ.”
