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Juhl Energy, Inc. Enters Into Agreement To Buy Back Preferred Shares From Institutional Investor

Stocks in this article: JUHL

PIPESTONE, Minn., Feb. 25, 2014 /PRNewswire/ -- Juhl Energy, Inc. (OTCQB: JUHL, the "Company"), a leading provider of Clean Energy Solutions and the Leader in Community Wind Power, today announced that the Company has recently completed an agreement with Vision Opportunity Master Fund, Ltd. ("Vision") to repurchase all of the Juhl Energy, Inc. Series A and B Preferred stock currently held by Vision.  

"This transaction will be followed by the filing of a registration statement to offer this stock to our shareholders in a Rights Offering," stated John Brand, Chief Financial Officer at the Company.  "What this means is that our current shareholders will be given the first opportunity to purchase additional Juhl Energy common stock; and we hope they all participate. Both Juhl Energy Chairman Dan Juhl and President John Mitola have long spoken about 'democratizing' investment capital into the renewable energy industry.  By removing our primary institutional investor in what we believe to be a manageable, structured approach, we will have positioned Juhl Energy to be a publicly-traded renewable energy company that is mostly owned by a diversified group of what is now over 1,800 individual shareholders."  

"While Vision has been a solid institutional investor since 2008, this agreement allows us to recapture stock long-held by them, freeing us to clear this ownership concentration and distribute this part of our company back to our common stockholders through our planned Rights Offering," added John Mitola, President of Juhl Energy.  "We had previously explored other institutional corporate funding approaches to repurchase this equity and felt that all of them came with too high of an underlying cost of capital and didn't provide enough direct benefit to our shareholders.  In reaching a straightforward arrangement with Vision, we can now provide 100% of the shares that are being recaptured back to all of our shareholders."

When completed, this agreement will also simplify Juhl Energy's capital structure by eliminating the majority of the outstanding preferred stock and removing the current quarterly dividend expense that had accompanied the preferred equity held by Vision.

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