(BSNS WIRE) Environmental Solutions Worldwide, Inc: Completes a 6.1 Million D
llar Financing
Environmental Solutions Worldwide, Inc: Completes a 6.1 Million Dollar Financing
Business Editors
TELFORD, Pa.--(BUSINESS WIRE)--ESWW--
Environmental Solutions Worldwide, Inc. (ESW) (OTCBB:
ESWW) is pleased to announce that it has completed a transaction
whereby it has issued $6.1 million of convertible debentures and
3,050,000 three (3) year warrants to purchase 3,050,000 Shares of
common stock of the Company at $1.00 per share to nine accredited
investors under Rule 506 of Regulation D.
The Debentures are for a term of three (3) years, and earn
interest at a rate of 4% per annum payable in cash or in shares of
the Company's common stock. The Debentures are convertible into
shares of the Company's common stock, by dividing the principal
amount of the Debenture to be converted by $0.50. A subscriber in the
offering is AB Odnia, an entity which is affiliated with Mr. Bengt
Odner a director of the Company.
Proceeds of the private placement will be used for general
corporate purposes, including costs related to expanding catalyst
manufacturing capacities for medium and heavy-duty on-road as well as
heavy-duty off-road products. The Company also intends to increase
the capacity and depth of its EPA/CARB Emissions Testing Division
which will accelerate our catalyst R&D and certification programs
plus allow the Company to tap into markets that it previously had not
pursued.
David J. Johnson, ESW's interim President and CEO remarked, "I am
pleased to report that this non brokered financing was fully
subscribed to. We believe that the subscriptions represent a
commitment to the senior management team's vision of the Company's
future, and will allow to the Company to continue to execute its
business plan.
Mr. Johnson further commented, "This is an exciting time in the
evolution of the Company. Past milestones recently achieved, include
such events as receiving a Canada ETV certification on our Diesel
Quiet Cat(TM) Catalyst/Muffler system. As well, the CARB Exemption on
our Enviro-Cat(TM) Gasoline Catalytic Converter and CARB Level II
verification on our Diesel Particulate Reactor(TM) Catalyst System.
These milestones coupled with our marketing, sales and distribution
agreements with Fleetguard Emissions Solutions, a division of
Fleetguard, which is wholly owned subsidiary of Cummins Inc., give
ESW the potential to meet our targeted objectives."
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Pennsylvania Environmental
Solutions Worldwide is a publicly traded company engaged through its
subsidiaries in the design, development, manufacture and sale of
environmental technologies currently focused on the international
automotive and transportation industries. ESW manufactures and
markets a line of catalytic emission control products and catalytic
conversion technologies for a multitude of applications.
For updated information, please visit the Company's Web site at:
www.cleanerfuture.com
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (The
"Act"). In particular, when used in the preceding discussion, the
words "pleased" "plan," "confident that," "believe," "expect," or
"intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act and
are subject to the safe harbor created by the Act. Such statements
are subject to certain risks and uncertainties and actual results
could differ materially from those expressed in any of the
forward-looking statements. Such risks and uncertainties include, but
are not limited to, market conditions, general acceptance of the
Company's products and technologies, competitive factors, the ability
to successfully complete additional financings and other risks
described in the Company's SEC reports and filings.
KEYWORD: NEW YORK
INDUSTRY KEYWORD: ENVIRONMENT SOFTWARE
SOURCE: Environmental Solutions Worldwide, Inc.
CONTACT INFORMATION:
Environmental Solutions Worldwide, Inc.
Investor Relations
1 (905) 850-9970
investor-relations@cleanerfuture.com
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