Crosstex Energy, Inc. Stockholders Approve Increase in Authorized Shares to Effect Stock Split.DALLAS -- Crosstex Energy, Inc. (Nasdaq:XTXI) announced today that its stockholders have approved an amendment to the corporation's Restated Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. that will increase Crosstex's authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: number of shares of capital stock from 20 million shares, consisting of 19 million shares of common stock and 1 million shares of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , to 150 million shares, consisting of 140 million shares of common stock and 10 million shares of preferred stock. The approval was obtained at the corporation's special meeting of stockholders held today. The corporation currently plans to use a number of the additional shares of common stock to effect a 3-for-1 stock split, subject to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions. The Board of Directors intends to set a date for the 3-for-1 stock split after the previously announced quarterly dividend is paid on November 15, 2006. The corporation currently has no other plans to use the additional shares, although they will be available to use for other corporate purposes. Crosstex stockholders also approved the corporation's Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Long-Term Incentive Plan at the special meeting. About the Crosstex Energy Companies Crosstex Energy, L.P. (Nasdaq:XTEX), a midstream mid·stream n. 1. The middle part of a stream. 2. The part of a course that is neither at the beginning nor at the end: the midstream of life. Noun 1. natural gas company headquartered in Dallas, operates over 5,000 miles of pipeline, 12 processing plants, four fractionators, and approximately 168 natural gas amine-treating plants in service and 37 dew point dew point: see dew. control plants. Crosstex currently provides services for over 3.0 Bcf/day of natural gas, or approximately 6.0 percent of marketed U.S. daily production based on August 2006 Department of Energy data. Crosstex Energy, Inc. owns the two percent general partner interest, a 42 percent limited partner interest, and the incentive distribution rights of Crosstex Energy, L.P. Additional information about the Crosstex companies can be found at www.crosstexenergy.com Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. In this news release, statements are based on currently available information and assumptions and expectations that the corporation believes are reasonable. However, the corporation's assumptions and expectations are subject to a wide range of business risks and uncertainties as discussed from time to time in the corporation's filings with the Securities and Exchange Commission. The corporation has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
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