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Dickie Walker Inc provides merger update with NASDAQ

07
Jul '05
Leading nautically-inspired apparel, gifts and decorative items designing, sourcing & manufacturing company Dickie Walker Marine Inc provided an update on the previously announced proposed acquisition agreement between Dickie Walker and Intelligent Energy Holdings, Plc and the Staff Determination Letter from the Nasdaq Stock Market.

As disclosed in the Form S-4 preliminary proxy statement/prospectus filed with the Securities and Exchange Commission (SEC) on May 10, 2005, additional financing on the part of one or both companies may be necessary to continue operations and consummate the acquisition agreement.

Intelligent Energy has determined that such additional funding now is required and currently is in the process of seeking funding from various sources so that the transaction with Dickie Walker may proceed as planned. However, there can be no assurance that Intelligent Energy will be successful in its efforts to raise additional capital in the timeframe required to consummate the Dickie Walker transaction, or at all.

"It is likely that if Intelligent Energy is unable to obtain sufficient financing shortly, the transaction will not close," said Jerry Montiel, chairman and chief executive officer of Dickie Walker.

"The Boards of Directors of both companies continue to support the consummation of the proposed acquisition and believe it is in the best interests of all of our collective shareholders to proceed. We are working diligently with our colleagues at Intelligent Energy to move this process forward as expeditiously as possible."


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