Jon E. Nix

July 06, 2010 17:31 ET

Jon E. Nix: Press Release

KNOXVILLE, TENNESSEE--(Marketwire - July 6, 2010) - On June 29, 2010, Jon E. Nix (3127 Keller Bend Road, Knoxville, Tennessee) sold through a company he controls, and exercises control or direction over 85,000 voting common shares of Xinergy Ltd. ("Xinergy") and on June 30, 2010, an additional 15,000 voting common shares of Xinergy through the facilities of the Toronto Stock Exchange. 

Mr. Nix now holds, directly and indirectly through a company he controls, and exercises control or direction over additional shares, that total, in the aggregate, 4,996,918 voting common shares, representing approximately 13.6% of the issued and outstanding voting common shares of Xinergy. In addition, Mr. Nix holds, directly 19,467,541 non-voting common shares of Xinergy representing 100% of the issued and outstanding non-voting common shares and he holds, directly 1,668,560 options to purchase voting common shares exercisable at US$0.60 per share, 500,000 options to purchase voting common shares exercisable at US$3.62 per share and 30,177 restricted stock units ("RSUs") issued pursuant to Xinergy's stock incentive plan that provide for the issuance of 30,177 voting common shares on September 30, 2010 to Mr. Nix provided he remains employed with Xinergy, which, if the non-voting shares are converted to voting common shares, the options are exercised for voting common shares and the voting common shares underlying the RSUs are issued, would represent approximately an aggregate total of approximately 45.7% of the then-issued and outstanding voting shares of Xinergy.

Mr. Nix sold the voting common shares outlined above to help ensure Xinergy continues to maintain its status as a "foreign private issuer" in accordance with United States securities law requirements. To qualify as a "foreign private issuer", 50% of Xinergy's voting securities must be beneficially owned by non-US residents. Mr. Nix may, depending on market and other conditions, on an individual or joint basis, increase or decrease its beneficial ownership of voting common shares of Xinergy, whether in the open market, by privately negotiated agreements, or otherwise.

Contact Information

  • Jon E. Nix
    (865) 474-7000