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Xtreme Green Products Plan Confirmed

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The U.S. Bankruptcy Court entered an order confirming Xtreme Green Products’ First Amended Plan of Reorganization. As of the Plan’s effective date, the Company’s board of directors will consist of Sanford Leavitt, Frank Rosenberg and Byron Georgiou; and the officers will be as follows: Byron Georgiou, chairman; Sanford Leavitt, chief executive officer; Neil Roth, president and chief operating officer and Ken Sprenkle, treasurer and chief financial officer. Existing shareholders will receive a pro rata share of 10,000,000 shares of non-locked up stock, and all existing shares of stock of the Company were cancelled, annulled and extinguished. Holders of interests shall retain no rights except for the right to receive a pro rata portion of shares of in non-locked up stock. Each shareholder will receive .21 share of non-locked up stock in exchange for one share of cancelled common stock. The 10,000,000 shares to be issued to existing shareholders will represent 25% of the shares of the reorganized Company. This electric power vehicle manufacturer filed for Chapter 11 protection on August 22, 2013, listing $1.3 million in pre-petition assets.

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