WorldWater & Solar Technologies Announces Private Stock Purchase by Quercus Trust
Wednesday October 3, 3:01 am ET
Placement Provides $13.365 Million for Continued Expansion
PENNINGTON, N.J.--(BUSINESS WIRE)--WorldWater & Solar Technologies Corp. (OTC BB:WWAT.OB - News), developer and marketer of proprietary high-power solar systems, today announced that, on September 28, 2007, the Company entered into a Stock and Warrant Purchase Agreement with the Quercus Trust, whereby the Quercus Trust purchased 7.5 million shares of WorldWater's common stock at a price of $1.782 per share, for total proceeds of $13,365,000. The Agreement also provides for the issuance of warrants to the Quercus Trust for the purchase of 9.0 million additional shares of WorldWater's common stock at an exercise price of $1.815, subject to certain adjustments. The complete terms of the Agreement are detailed in a Form 8-K to be filed with the Securities and Exchange Commission today.
Prior to September 28, 2007, the Quercus Trust and its affiliates owned approximately 21.6 million shares of WorldWater common stock, representing approximately 12.2% of the equity ownership in the Company, or 8.2% on a fully diluted basis. With this Agreement, the Quercus Trust and its affiliates own approximately 16.4% of the equity ownership in WorldWater, or 10.6% on a fully diluted basis.
"We are extremely pleased that the Quercus Trust continues to see the value of our patented technologies and integrated solar applications," said Quentin T. Kelly, Chairman of WorldWater & Solar Technologies Corp. "Quercus focuses on environmental investments in next-generation sustainable energy companies, and their commitment to our Company reflects their belief in our product and business plan. The funds raised will serve to bolster our growth going forward, as we extend our production capabilities, particularly for construction of Entech CPV modules for our projects in Spain and the US, and with Emcore Solar for the purchase and implementation of their 500X and 1000X concentrator cells and systems that are being developed. All of this positions WorldWater for business expansion in 2008. We continue to see strong demand for our unique, large solar systems that are leading the way in providing clean, renewable energy." |
