Exhibit 99.1
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Contact:
Bruce Widener, CEO, 502-657-3507
investors@askbeacon.com
Porter, LeVay & Rose, Inc.:
Marlon Nurse, 212-564-4700
Trilogy Capital Partners:
Darren Minton, 800-592-6067
HIR: Geralyn DeBusk or Hala Elsherbini
972-458-8000 |
Beacon Enterprise Solutions Announces Further Reduction in Warrants
and Fully Diluted Shares Outstanding
— 6,452,342 Warrants Exercised as of April 28; Proceeds to Support Business Expansion —
LOUISVILLE, KY, April 29, 2010 — Beacon Enterprise Solutions Group, Inc. (OTCBB: BEAC)
(www.askbeacon.com), an emerging global leader in the design, implementation and management of high
performance Information Technology Systems (“ITS”) infrastructure solutions, today announced
preliminary results from the Company’s warrant exercise/exchange offer and consent request.
Warrant holders representing a total 4,891,519 warrants have chosen to exercise for cash and
holders of 1,560,823 warrants have chosen the cashless exercise/exchange option. Cash exercises
resulted in total gross proceeds of $4,459,714 as of April 28, 2010. These results include the
exercise of 1,528,416 warrants for cash and 47,916 cashless exercises during the extension period
and represent the elimination of a total of 6,452,342 warrants and a total reduction in the number
of fully diluted shares outstanding of 1,114,874.
As disclosed in the Company’s public filings, Beacon had approximately 16 million warrants
outstanding and exercisable at prices ranging from $1.00 to $2.50 as of December 31, 2009. The
majority of the warrants, which are related to equity financing from
2007 – 2009, are exercisable
at $1.00 per share. While the discounted exercise offer ceased on April 20, as previously
announced on April 1, remaining warrant holders may continue to exercise their warrants per their
original terms.
“We appreciate the participation and support of many of our warrant holders in this effort,”
commented Bruce Widener, CEO of Beacon Solutions. “We’re very pleased with the results and look
forward to utilizing the proceeds to support our ongoing business development and expansion
efforts.”
About Beacon Enterprise Solutions Group, Inc.
Beacon Enterprise Solutions Group is an emerging global leader in the design, implementation and
management of high performance Information Technology Systems
(“ITS”) infrastructure solutions. Beacon offers fully integrated, turnkey IT infrastructure solutions capable of fully
servicing the largest companies in the world as they increasingly outsource to reduce costs while
optimizing critical IT design and infrastructure management. Through an integrated team approach,
Beacon offers a broad range of products and services including IT infrastructure design,
implementation and management, application development and voice/data/security system integration,
installation and maintenance. Beacon’s client roster includes state and local agencies, educational
institutions, and over 4,000 companies ranging in size from mid-sized companies to the Fortune 500.
Beacon is headquartered in Louisville, Ky., with regional headquarters in Dublin, Ireland and
Zurich, Switzerland and personnel located throughout the United States and Europe.
For comprehensive investor relations material, including fact sheets, research reports, interviews
and video, please follow the appropriate link: Investor Relations
Portal, Investor Fact Sheet,
Research Report and CEO Overview Video
For
additional information, please visit Beacon’s corporate website: www.askbeacon.com
This press release may contain “forward looking statements.” Expressions of future goals and
similar expressions reflecting something other than historical fact are intended to identify
forward-looking statements, but are not the exclusive means of identifying such statements. These
forward-looking statements may include, without limitation, statements about our market
opportunity, strategies, competition, expected activities and expenditures as we pursue our
business plan. Although we believe that the expectations reflected in any forward looking
statements are reasonable, we cannot predict the effect that market conditions, customer acceptance
of products, regulatory issues, competitive factors, or other business circumstances and factors
described in our filings with the Securities and Exchange Commission may have on our results. The
company undertakes no obligation to revise or update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of this press release.
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