BUFFALO GROVE, IL – June 6, 2017 – Essex Rental Corp. (OTC Pink: ESSX) ("Essex" or the “Company”) today announced the results of the Company’s special meeting of stockholders held on June 5, 2017 for the following purposes:
• Proposal 1: To approve the sale of all of the stock of CC Acquisition Holding Corp., a wholly owned subsidiary of the Company (the “Coast Sale”) pursuant to the Stock Purchase Agreement by and among Maxim Crane Works, L.P. and the Company dated April 19, 2017; and
• Proposal 2: To approve, contingent upon consummation of the Coast Sale, the dissolution and winding up of the Company under Delaware law in accordance with a Plan of Complete Liquidation and Dissolution to be adopted by the Board after consummation of the Coast Sale, unless such dissolution is abandoned by the Board.
As detailed below, Essex’s stockholders overwhelmingly approved both the Coast Sale and the Plan of Complete Liquidation and Dissolution. The Company expects the Coast Sale to be completed within a week of this announcement, following which the Company’s Board will proceed with its deliberations with respect to dissolution or continuation of the Company. In either
case, the Company expects to make an initial distribution of the Coast Sale net proceeds within 60 days of the closing date of the Coast Sale.
Essex’s stockholders cast their votes as follows:
For Against Abstain
Proposal 1: Coast Sale 15,965,672 1,153,816 9,000
Proposal 2: Dissolution Plan 15,943,672 1,174,816 10,000
About Essex Rental Corp.
Essex is one of the largest providers in the western region of North America of rental and distribution for mobile cranes (including crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects. In addition, the Company provides product support including installation, maintenance, repair, and parts and services for equipment provided and other equipment used by its construction industry customers. With a large fleet, consisting primarily of cranes, as well as other construction
equipment and unparalleled customer service and support, Essex supplies a wide variety of innovative lifting solutions for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial and residential construction.
Some of the statements in this press release and other written and oral statements made from time to time by Essex and its representatives are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the intent and belief or current expectations of Essex and its management team and may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek", the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from Essex's expectations include, without limitation, a failure to complete the Coast Sale, or a delay in the timing of such completion, and factors identified by the Board during its dissolution deliberations. The factors listed here are not exhaustive. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Essex assumes no obligation to update or supplement forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results or financial conditions, or otherwise.
Essex Rental Corp.
Chief Financial Officer