Tuesday February 12, 3:50 pm Eastern Time
Press Release
SOURCE: EUROTECH, Ltd.
EUROTECH, Ltd. $2,500,000 New Equity Financing
FAIRFAX, Va.--(BUSINESS WIRE)--Feb. 12, 2002--EUROTECH, Ltd., (AMEX:EUO - news) announced today that it executed a definitive agreement with Woodward, L.L.C. for the private placement of Series A 3% Convertible Preferred Stock with a commitment amount of $2,500,000 to support ongoing operations, corporate development and development of its technologies.
In connection with the initial closing pursuant to the financing Eurotech has issued 10,000 shares of the preferred stock for $1,000,000, which is convertible into shares of common stock at $.50 per share. Eurotech recently converted $3 million principal amount of Convertible Debentures held by JNC Opportunity Fund Ltd., due February 23, 2002.
The conversion resulted in Eurotech becoming essentially free of all long-term debt obligations.
Eurotech develops emerging chemical and electronic technologies. We work with scientists, engineers and research institutes to identify and commercialize products and processes that have unique or superior characteristics.
Our portfolio of products and efforts are focused on improving the environmental and security sectors including the development of Eurotech's C4 plastic explosive detection technology and its use in Homeland Security.
Chad Verdi, Chairman, stated, ``Eurotech has improved its balance sheet with the elimination of debt and this new preferred stock financing. The Company believes that it can complete its delivery of significant technologies into the marketplace, that includes the radiation-resistant EKOR(TM) and C4 plastic explosive detection technology. We are pleased with the cooperation and participation of Woodward in the preferred stock financing that included restructuring of reset shares to the investor from earlier financing in an effort to reduce dilution to Eurotech's common stock.''
For additional information about Eurotech and its technologies visit the Company website www.eurotechltd.com. |
