GEOMET INC The following timeline sets forth certain key milestones in the dissolution process of GeoMet, Inc. ("GeoMet," "we" or other similar terms) and the current status of each milestone. The timeline is based on certain assumptions made by GeoMet based on its management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by GeoMet's management. The timeline set forth below contains forward-looking statements and there may be known and unknown risks, uncertainties, events or other important factors that could cause the actual timeframe, results, performance or achievements to differ materially from the expectations expressed or implied by such forward-looking statements. These risks include the risk that we may incur additional liabilities, that we may have liabilities of which we are not currently aware, that the cost of settlement of our liabilities and contingent obligations could be higher than we expect, that monetization of our few remaining non-cash assets, including claims we may have in the future or make against third parties, if any, may take longer and be for amounts that are less than we expect, all of which would impact our ability to complete the actions in the timeframe estimated below (if at all). Although we believe that the expectations reflected in any forward-looking statements are reasonable in the current circumstances, we cannot guarantee future events or results. We undertake no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur; however, we do currently intend to update this timeline periodically as the various milestones listed below are completed or achieved although we cannot assure you that we will do so on a timely basis, or at all. In addition, we make no guaranty that we will continue to maintain GeoMet's website throughout the dissolution process.
MILESTONE | STATUS |
Certificate of Dissolution filed with the Delaware Secretary of State | Completed: Filed on December 11, 2015, with an effective date of December 21, 2015 |
Notice of dissolution mailed to potential claimants of GeoMet | Completed: February 5, 2016 |
Statutory deadline to submit claims to GeoMet for potential claimants who received notice of GeoMet's dissolution via mail notice | Deadline: April 5, 2016 |
Notice of dissolution published nationally in the USA Today as well as in publications in (i) Houston, Texas, (ii) Richmond, Virginia, (iii) Norfolk, Virginia, and (iv) Birmingham, Alabama | Completed: February 5, 2016 |
Notice of dissolution published in publications in (i) Houston, Texas, (ii) Richmond, Virginia, (iii) Norfolk, Virginia, and (iv) Birmingham, Alabama for a second consecutive week | Completed: February 12, 2016 |
Notice of dissolution published in publication in New Castle County, Delaware | Completed: March 4, 2016 |
Notice of dissolution published in publication in New Castle County, Delaware for a second consecutive week | Completed: March 11, 2016 |
Statutory deadline to submit claims to GeoMet for potential claimants who received mail notice of GeoMet's dissolution or notice via publication notice published in (i) USA Today, (ii) Houston, Texas, (iii) Richmond, Virginia, (iv) Norfolk, Virginia, and (v) Birmingham, Alabama | Deadline: April 5, 2016 |
Statutory deadline to submit claims to GeoMet for potential claimants who received notice of GeoMet's dissolution solely via publication notice published in New Castle County | Deadline: May 3, 2016 |
Evaluation of claims submitted by potential claimants | Completed: December 2016 |
Dissolution petition filed with the Delaware Court of Chancery requesting (i) a determination of the amount and form of security for potential claims and (ii) authority to make interim and/or final liquidating distributions to stockholders | Completed: December 8, 2016 |
Motion filed with the Delaware Court of Chancery approval of determinations sought in dissolution petition (including granting of authority to make interim and/or final liquidating distributions to stockholders) | Completed: December 14, 2016 |
Deadline for claimants to respond to Court-ordered supplemental notice process | Deadline: January 17, 2017 |
Delaware Court of Chancery approval of determinations sought in dissolution petition (including granting of authority to make interim and/or final liquidating distributions to stockholders) | Completed: January 20, 2017 |
First interim liquidating distribution made to GeoMet stockholders | February 15, 2017 |
Final liquidating distributions made to GeoMet stockholders | Winter 2018* |
Expiration of statutory three-year period for winding-up the affairs of GeoMet | December 21, 2018 |
* Timeframes listed reflect current estimates of GeoMet management
GeoMet Inc. published this content on 21 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 February 2017 16:37:04 UTC.
Original documenthttp://www.geometinc.com/ir/news/documents/Updated_Timeline_For_Website.pdf
Public permalinkhttp://www.publicnow.com/view/8A79D8356804DF8466048C2D387783B7242D1A95
