Jericho Energy Ventures Announces Plan to Separate Hydrogen Platform from Traditional Energy Assets to Maximize Shareholder Value
Jericho Energy Ventures (JROOF) has announced plans to separate its hydrogen solutions platform into a new entity called Hydrogen Technologies (HTC). The separation, subject to regulatory and shareholder approvals, will create two independent specialized energy companies. Current JEV shareholders will retain their shares and receive additional HTC shares on a pro rata basis. The decision aims to allow both businesses to operate with distinct strategies and focused investment plans. Shareholder approval may be sought at the AGM scheduled for January 15, 2025. Post-separation, JEV will continue trading on TSX Venture Exchange, representing its oil and gas business.
Jericho Energy Ventures (JROOF) ha annunciato piani per separare la sua piattaforma di soluzioni idrogeno in una nuova entità chiamata Hydrogen Technologies (HTC). La separazione, soggetta ad approvazioni regolatorie e degli azionisti, darà vita a due aziende energetiche indipendenti e specializzate. Gli attuali azionisti di JEV manterranno le loro azioni e riceveranno ulteriori azioni di HTC su base pro rata. La decisione mira a consentire a entrambe le imprese di operare con strategie distinte e piani di investimento mirati. L'approvazione degli azionisti potrebbe essere richiesta nell'assemblea annuale programmata per il 15 gennaio 2025. Dopo la separazione, JEV continuerà a essere quotata sul TSX Venture Exchange, rappresentando la sua attività nel settore petrolifero e del gas.
Jericho Energy Ventures (JROOF) ha anunciado planes para separar su plataforma de soluciones de hidrógeno en una nueva entidad llamada Hydrogen Technologies (HTC). La separación, sujeta a aprobaciones regulatorias y de los accionistas, creará dos empresas energéticas independientes y especializadas. Los actuales accionistas de JEV mantendrán sus acciones y recibirán acciones adicionales de HTC de manera proporcional. La decisión tiene como objetivo permitir que ambas empresas operen con estrategias distintas y planes de inversión enfocados. Se podría buscar la aprobación de los accionistas en la junta general programada para el 15 de enero de 2025. Tras la separación, JEV continuará cotizando en el TSX Venture Exchange, representando su negocio de petróleo y gas.
제리코 에너지 벤처스 (JROOF)는 수소 솔루션 플랫폼을 Hydrogen Technologies (HTC)라는 새로운 회사로 분리할 계획을 발표했습니다. 이 분리는 규제 및 주주 승인의 대상이며, 두 개의 독립적인 전문 에너지 회사를 설립하게 됩니다. 현재 JEV의 주주들은 자신의 주식을 유지하고 비례 기반으로 추가 HTC 주식을 받게 됩니다. 이 결정은 두 기업이 각기 다른 전략과 집중 투자 계획으로 운영될 수 있도록 하기 위한 것입니다. 주주 승인 요청은 2025년 1월 15일로 예정된 정기총회에서 이루어질 수 있습니다. 분리 후 JEV는 TSX 벤처 거래소에서 계속 거래되며, 석유 및 가스 사업을 나타냅니다.
Jericho Energy Ventures (JROOF) a annoncé des projets pour séparer sa plateforme de solutions hydrogène en une nouvelle entité appelée Hydrogen Technologies (HTC). La séparation, soumise à des approbations réglementaires et des actionnaires, va créer deux entreprises énergétiques indépendantes et spécialisées. Les actionnaires actuels de JEV conserveront leurs actions et recevront des actions additionnelles de HTC sur une base proportionnelle. Cette décision vise à permettre aux deux entreprises d'opérer avec des stratégies distinctes et des plans d'investissement ciblés. L'approbation des actionnaires pourrait être demandée lors de l'assemblée générale prévue pour le 15 janvier 2025. Après la séparation, JEV continuera d'être coté à la Bourse de TSX Venture, représentant ses activités dans le domaine du pétrole et du gaz.
Jericho Energy Ventures (JROOF) hat Pläne angekündigt, seine Wasserstofflösungsplattform in ein neues Unternehmen namens Hydrogen Technologies (HTC) zu trennen. Die Trennung unterliegt der Genehmigung durch die Aufsichtsbehörden und die Aktionäre und wird zwei unabhängige, spezialisierte Energieunternehmen schaffen. Die aktuellen JEV-Aktionäre behalten ihre Anteile und erhalten zusätzlich HTC-Aktien auf pro-rata-Basis. Die Entscheidung zielt darauf ab, beiden Unternehmen zu ermöglichen, mit unterschiedlichen Strategien und fokussierten Investitionsplänen zu operieren. Die Zustimmung der Aktionäre könnte auf der Hauptversammlung am 15. Januar 2025 eingeholt werden. Nach der Trennung wird JEV weiterhin an der TSX Venture Exchange gehandelt, was ihr Öl- und Gasgeschäft repräsentiert.
- Strategic separation creates focused companies in hydrogen and oil & gas sectors
- Shareholders receive additional shares in the new hydrogen company (HTC)
- Both entities can pursue independent growth strategies and capital structures
- Transaction subject to multiple regulatory and shareholder approvals
- Implementation timeline and final terms remain uncertain
TULSA, OK and VANCOUVER, BC / ACCESSWIRE / November 4, 2024 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce that its Board of Directors has approved Management's plan to separate Jericho's hydrogen solutions platform (the "Spinout Transaction") into a new entity to be named Hydrogen Technologies Corporation ("HTC"), subject to certain conditions including receipt of necessary regulatory and shareholder approvals.
Assuming completion of the Spinout Transaction on the terms contemplated by management, each JEV shareholder will retain their shares of Jericho and, in consideration of the transfer of JEV's hydrogen assets to HTC, will receive shares of HTC (a newly formed BC-based reporting issuer) on a pro rata basis. The definitive terms of the Spinout Transaction are expected to be contained in a management information circular delivered to shareholders in connection with the meeting to approve the Spinout Transaction.
The purpose of the proposed Spinout Transaction is to create two independent specialized energy companies, with a clear focus on leadership in their respective markets. This move will allow both businesses to operate with distinct strategies, tailored capital structures, and focused investment plans, aiming to deliver superior outcomes for stakeholders.
While management intends to move forward with implementation of the Spinout Transaction on a priority basis, definitive terms of the Spinout Transaction, including the final determination to submit a proposal to shareholders, is subject to ongoing review by management and the Board of Directors. The Spinout Transaction is also subject to approval of the TSX Venture Exchange ("TSXV"), approval of the Jericho shareholders and will be subject to approval of the British Columbia courts if effected by way of plan of arrangement. Shareholder approval may be sought at the Company's Annual General Meeting ("AGM"), scheduled for January 15, 2025 or at a subsequent meeting held for the purpose of such approval.
After the separation, Jericho Energy Ventures would continue to trade on the TSX Venture Exchange under the symbol JEV, representing its oil and gas business.
Brian Williamson, CEO of Jericho Energy Ventures, stated, "By separating our hydrogen platform, we can create two agile, focused companies. This will allow each to pursue its strategic objectives independently and position them for long-term growth and success. We believe JEV shareholders will benefit from the distinct growth opportunities in both the hydrogen and oil & gas sectors, with each company committed to maximizing value within its industry."
About Jericho Energy Ventures
Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyzer). Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.
Website: www.jerichoenergyventures.com
X: https://x.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
JEV CONTACT:
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
Email: investorrelations@jerichoenergyventures.com
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur. Specifically, this news release contains forward-looking statements relating to implementation of the Spinout Transaction and receipt of necessary approvals.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC™ feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Jericho Energy Ventures, Inc.
View the original press release on accesswire.com
FAQ
When will Jericho Energy Ventures (JROOF) complete its hydrogen platform spinout?
What will shareholders of Jericho Energy Ventures (JROOF) receive in the spinout transaction?
What approvals does Jericho Energy Ventures (JROOF) need for the hydrogen spinout?
