Bethesda, Maryland, Feb. 7, 2013 (GLOBE NEWSWIRE) -- India Globalization Capital,
Inc. (NYSE MKT: IGC), a company competing in the
rapidly growing materials and infrastructure industry in India and
China, today announced the extension of the expiration date for
11,855,122 outstanding warrants listed on the NYSE MKT exchange
with ticker symbol IGC.WT and CUSIP number
(45408X118).
The warrants have an exercise price of $5.00 and
were scheduled to expire on March 8, 2013. The expiration date of
the warrants has been extended from 5:00 p.m. New York time on
March 8, 2013 until 5:00 p.m. New York time on Friday, March 6,
2015. As was the case prior to the extension, the warrants
are subject to earlier expiration if the Company exercises its
right to call the warrants for redemption. All other terms remain
the same.
The Company has filed a registration statement
with the Securities and Exchange Commission to register the shares
underlining the warrants to permit the exercise of the
warrants. Currently, the Company has such a registration
statement effective. Holders of the warrants will be able to
exercise the warrants for cash since such a registration statement
is effective. This communication shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the shares underlying the warrants in any state in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state.
Currently IGC has three securities listed:
Common Stock (IGC), Warrants (IGC.WT) and the Units
(IGC.U). As previously disclosed the Company intends to
delist the Units and continue listing the other two
securities. Investors holding the Units are encouraged to
contact the Company in order to split the Units into common stock
and warrants. None of a) the delisting of the Units, 2)
splitting of the Units, or 3) extension of the Warrant expiration
will have any bearing on the basic or fully diluted shares
outstanding.
About IGC:
Based in Bethesda, Maryland, India Globalization Capital, Inc.
(IGC) is a materials and infrastructure company operating in India
and China. We currently supply Iron ore to Steel
Companies operating in China. For more information about
IGC, 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 are
not historical facts constitute forward-looking statements under
the federal securities laws. Forward-looking statements
can 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 those
terms. These statements are not a guarantee of future
developments and are subject to risks, uncertainties and other
factors, some of which are beyond IGC's control and are difficult
to predict. Consequently, actual results may differ
materially from information contained in the forward-looking
statements as a result of future changes or developments in our
business, our competitive environment, infrastructure demands, Iron
ore availability and governmental, regulatory, political, economic,
legal and social conditions in China and India.
The Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Other factors and risks
that could cause or contribute to actual results differing
materially from such forward-looking statements have been discussed
in 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, and
the Post-effective Amendment No. 1 on Form S-3 to Form S-1 filed
with the Securities and Exchange Commission on December 9, 2011,
July 16, 2012, November 14, 2012, December 14, 2012, and December
26, 2012 respectively.
CONTACT: Investors Contact Information
Claudia Grimaldi
301-983-0998
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