Tag-Archive for » SEC «

Friday, September 02nd, 2011 | Author:

August 29, 2011 marks the date when Genie Energy, a newly formed subsidiary of IDT Energy, filed both an initial registration document as well as an information statement to the offices of the Security and Exchange Commission. Both statements are available to the public at the website of the SEC.

The registration documents were filed as a prelude to the anticipated announcement to the stockholders of IDT Energy that a “wholly-owned” spin-off of IDT Energy, known as Genie Energy, is soon to be created.

Genie will hold IDT Energy’s assets, which consist of:

•    IDT Energy, which is as ESCO which resells power in the form of electricity and natural gas to residential consumers and businesses in Pennsylvania, New Jersey and New York.

•    Genie Oil and Gas of which Genie will hold a 99.3% interest. That interest is composed of (a) American Shale Corporation, which manages and holds a 50% interest in American Shale Oil, LLC, which is an oil shale initiative located in Colorado; and (b) Israel Energy Initiatives, an oil shale company located in Israel.

The CEO of Genie, Claude Pupkin said,

“We believe that, as a separate entity, we will be better able to execute on our development plans for both our IDT Energy retail supply business and our unconventional energy projects.”

The Genie spin-off is expected to be tax-free to IDT and to its stockholders.