Bethesda, Maryland, Feb. 7, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital,Inc. (NYSE MKT: IGC), a company competing in therapidly growing materials and infrastructure industry in India andChina, today announced the extension of the expiration date for11,855,122 outstanding warrants listed on the NYSE MKT exchangewith ticker symbol IGC.WT and CUSIP number(45408X118). The warrants have an exercise price of $5.00 andwere scheduled to expire on March 8, 2013. The expiration date ofthe warrants has been extended from 5:00 p.m. New York time onMarch 8, 2013 until 5:00 p.m. New York time on Friday, March 6,2015. As was the case prior to the extension, the warrantsare subject to earlier expiration if the Company exercises itsright to call the warrants for redemption. All other terms remainthe same. The Company has filed a registration statementwith the Securities and Exchange Commission to register the sharesunderlining the warrants to permit the exercise of thewarrants. Currently, the Company has such a registrationstatement effective. Holders of the warrants will be able toexercise the warrants for cash since such a registration statementis effective. This communication shall not constitute an offer tosell or the solicitation of an offer to buy nor shall there be anysale of the shares underlying the warrants in any state in whichsuch offer, solicitation or sale would be unlawful prior toregistration or qualification under the securities laws of any suchstate. Currently IGC has three securities listed:Common Stock (IGC), Warrants (IGC.WT) and the Units(IGC.U). As previously disclosed the Company intends todelist the Units and continue listing the other twosecurities. Investors holding the Units are encouraged tocontact the Company in order to split the Units into common stockand warrants. None of a) the delisting of the Units, 2)splitting of the Units, or 3) extension of the Warrant expirationwill have any bearing on the basic or fully diluted sharesoutstanding.
About IGC:Based in Bethesda, Maryland, India Globalization Capital, Inc.(IGC) is a materials and infrastructure company operating in Indiaand China. We currently supply Iron ore to SteelCompanies operating in China. For more information aboutIGC, please visit IGC's Web site at www.indiaglobalcap.com. For information about Ironman,please visit www.hfironman.net. Forward-looking Statements: Some of the statements contained in this press release that arenot historical facts constitute forward-looking statements underthe federal securities laws. Forward-looking statementscan be identified by the use of the words "may," "will," "should,""could," "expects," "post", "plans," "anticipates," "believes,""estimates," "predicts," "intends," "potential," "proposed,""confident" or "continue" or the negative of thoseterms. These statements are not a guarantee of futuredevelopments and are subject to risks, uncertainties and otherfactors, some of which are beyond IGC's control and are difficultto predict. Consequently, actual results may differmaterially from information contained in the forward-lookingstatements as a result of future changes or developments in ourbusiness, our competitive environment, infrastructure demands, Ironore availability and governmental, regulatory, political, economic,legal and social conditions in China and India. The Company undertakes no obligation to publicly update anyforward-looking statements, whether as a result of new information,future events, or otherwise. Other factors and risksthat could cause or contribute to actual results differingmaterially from such forward-looking statements have been discussedin greater detail in IGC's Schedule 14A, Form 10-K for FYE 2012,Form 10-Q for the quarter ended September 30, 2012, Form S-3, andthe Post-effective Amendment No. 1 on Form S-3 to Form S-1 filedwith the Securities and Exchange Commission on December 9, 2011,July 16, 2012, November 14, 2012, December 14, 2012, and December26, 2012 respectively.
CONTACT: Investors Contact Information Claudia Grimaldi 301-983-0998