Metretek Technologies to redeem all outstanding warrants from May 2004 PIPE

By Sheri Kasprzak

New York, Jan. 20 - Metretek Technologies, Inc. said it plans to redeem all of the outstanding warrants it issued in a May 2004 private placement.

The warrants will be redeemed at a penny each on Feb. 19.

Metretek will receive $2.8 million in proceeds if all of the warrants are redeemed. Proceeds will be used to repay its highest interest-rate bearing debt. The rest will be used for general corporate purposes.

On May 6, 2004, Metretek sold 3,510,548 units at $3.10 each. The units included one share and one warrant for 0.2 of a share. The company issued a total of 702,109 warrants.

The warrants were exercisable at $3.41 each through May 2009.

The warrants had a call feature beginning one year after issuance if the company's trading price was at least twice the warrant exercise price for 30 consecutive trading days.

On Jan. 19, Metretek's stock closed at $9.65.

Based in Denver, Metretek provides data management and energy measurement tools to the natural gas sector.

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