AWM Investment Company, Inc. - News Release

NEW YORK, April 28, 2015 /CNW/ - AWM Investment Company, Inc. ("AWM") announced today that three funds advised by it have disposed of shares ("Shares") of Xebec Adsorption Inc. ("Xebec") in open market transactions.   

AWM advises the Special Situations Fund III QP, L.P. ("SSFQP"), the Special Situations Cayman Fund, L.P. (the "Cayman Fund") and the Special Situations Private Equity Fund, L.P. (the "Private Equity Fund").   SSFQP, the Cayman Fund and the Private Equity Fund together will be referred to as the "Funds".

On April 24, 2015, 510,000 Shares of Xebec at a price of U.S.  $0.0508 per share were sold by the Funds.  SSFQP sold 341,700 Shares, the Cayman Fund sold 71,400 Shares and the Private Equity Fund sold 96,900 Shares.  The above dispositions represent approximately 1.3% of the outstanding shares. 

Following this disposition, the Funds own 7,761,761 Shares of Xebec, and warrants to purchase 2,500,000 Shares, representing approximately 24.5% of the outstanding Shares assuming the exercise of all warrants held by the Funds. SSFQP holds 5,458,206 Shares and warrants to purchase 1,750,000 Shares, the Cayman Fund holds 1,625,875 Shares and warrants to purchase 550,000 Shares, and the Private Equity Fund holds 677,680 Shares and warrants to purchase 200,000 Shares.  The Funds own the securities, and AWM controls such securities.

AWM holds the Shares on behalf of the Funds for investment purposes. AWM and/or the Funds may purchase additional Shares and/or warrants and/or other securities, or dispose of Shares and/or warrants and/or other securities, of Xebec from time to time as circumstances warrant. AWM and the Funds may be considered to act jointly or in concert. 

SOURCE AWM Investment Company, Inc.

For further information: AWM's address is 527 Madison Avenue, Suite 2600, New York, New York 10022. Contact: Rose Carling at 212-319-6670

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