Genie Energy Ltd., (NYSE: GNE) announced that the expiration date for
its pending exchange offer of up to 8,750,000 shares of Class B Common
Stock for shares of Series 2012-A Preferred Stock on a one for one
basis, has been extended to Tuesday, September 25, 2012 at 5:00 p.m.,
New York City time. On the expiration date, all validly tendered shares
of Genie Class B Common Stock not previously withdrawn will be accepted
for exchange pursuant to the terms of the exchange offer. Genie also
announced that it is waiving the condition that in order to consummate
the offer to exchange at least 4,375,000 shares of Class B Common Stock
be tendered and not properly withdrawn in the exchange offer. The
Company intends to list the newly issued preferred stock on the NYSE or,
depending on the volume of shares issued in the exchange offer, another
securities exchange or in the over-the-counter market.
Genie has been advised that, as of 5:00 p.m. New York City time on
September 4, 2012, 468,813 shares of Class B Common Stock had been
tendered for exchange.
Exchange Offer Statement
This press release is for informational purposes only and is neither
an offer to exchange nor the solicitation of an offer to tender any
shares. The exchange offer is made solely by the definitive Offer to
Exchange, related Letter of Transmittal and other related documents.
Each holder of our Class B Common Stock is urged to consult their tax
advisor as to the particular tax consequences of the exchange offer to
such stockholder. The materials have been included as exhibits to
Genie's exchange offer statement on Schedule TO, which was filed with
the Securities and Exchange Commission. These exchange offer materials
contain important information that stockholders are urged to read
carefully before making any decision with respect to the offer.
Investors may obtain copies of these documents for free from the
Securities and Exchange Commission at its website (www.sec.gov).
ABOUT GENIE ENERGY LTD.
Genie Energy Ltd. (NYSE: GNE) is comprised of IDT Energy and Genie Oil
and Gas (GOGAS). IDT Energy is a retail energy provider (REP) supplying
electricity and natural gas to residential and small business customers
in the Northeastern United States. GOGAS is pioneering technologies to
produce clean and affordable transportation fuels from the world's
abundant oil shale and other unconventional fuel resources. GOGAS
resource development projects include oil shale initiatives in Colorado
and Israel. For more information, visit www.genie.com.
Genie Energy Investor Relations
Bill Ulrey, 973-438-3848
invest@genie.com