Westinghouse Solar and CBD Energy Provide Merger Status Update
Merger Completion Targeted for Q1 2013
CAMPBELL, Calif., Sept. 5, 2012 (GLOBE NEWSWIRE) -- Westinghouse Solar, Inc. (Nasdaq:WEST), a designer and manufacturer of integrated rooftop solar power systems, and CBD Energy Ltd., (ASX:CBD), a diversified renewable energy company, today gave an update on their previously announced merger and stock listing.Westinghouse Solar received notice from the NASDAQ Hearings Panel that the company's shares will cease trading on the NASDAQ Capital Market as of the open of trading on Thursday, September 6, 2012. At that time, the company's shares will begin trading on the OTCQB Marketplace and will continue to trade under the symbol WEST. As a result of the NASDAQ's determination to cease listing its shares, the company has decided that it will not seek shareholder approval for a reverse stock split, and is cancelling its previously announced special shareholder meeting that was scheduled for September 13 th. "While we valued our status as a listed company on the NASDAQ stock market, we accept the decision of the Hearings Panel, and will be continuing to focus our efforts and resources on running the business and completing our merger with CBD," said Margaret Randazzo, CEO of Westinghouse Solar. CBD Managing Director & CEO, Gerry McGowan said, "We are and continue to be fully committed to the merger with Westinghouse Solar. Our collaborative efforts over the past few months, in our Italian commercial project joint venture, our EPC project in New Jersey, and the distribution of modules through Harvey Norman in Australia, should attest to our unwavering dedication to the proposed merger. CBD has already applied for listing on the NASDAQ stock exchange and, if approved, the merged entity will be listed on NASDAQ. We fully support Westinghouse Solar's decision."