MESQUITE, Nev.--(BUSINESS WIRE)--ElaCap, LLC, a Nevada limited liability company (“ElaCap”), and Elamex, S.A. de C.V., a Mexican company (Pink Sheets:ELAMF) (non-SEC-reporting) (“Elamex”), announced today the results of tender offer to purchase any and all shares of Class I common stock of Elamex. The initial offering period expired at 12:00 midnight, New York City time, on Thursday, September 27, 2007. All validly tendered shares have been accepted for payment in accordance with the terms of the offer. ElaCap also announced that a subsequent offering period for all remaining shares of Elamex has been initiated.
ElaCap has accepted for purchase 2,289,483 shares of Elamex at $2.00 per share. Such shares were validly tendered and not withdrawn. The 2,289,483 shares represent 30.516% of Class I common stock of Elamex and 78.893% of the approximately 2,902,000 outstanding shares held by holders not associated with ElaCap. As set forth in the offer, tendered shares may not now be withdrawn. ElaCap has also initiated a subsequent offering period for all remaining untendered shares of Elamex. This subsequent offering period will expire at 12:00 midnight, New York City time, on Thursday, October 11, 2007. ElaCap will continue to pay $2.00 per share. The procedures for tendering shares are the same as those described in the Offer to Purchase, except that (i) the guaranteed delivery procedures may not be used during the subsequent offering period, and (ii) shares tendered during the subsequent offering period may not be withdrawn. ElaCap will promptly purchase and pay for any shares tendered during the subsequent offering period.
ElaCap is a wholly-owned subsidiary of Silver Eagle Oil, Inc., a privately held refiner of crude oil to gasoline, diesel, and other products. Elamex is a diversified manufacturing services company with food and real estate holdings in Mexico and the United States.