Another News release from SLPW!!!
: SolPower Corporation (SLPW) completes $2 million private placement and receives first orders for Soltron
Body: Management is pleased to announce completion of the $2 million unit offering private placement announced on January 7, 1998. The Company has issued 4,000,000 common shares at the issue price of $0.50 per share together with A and B Warrants. Each A Warrant entitles the holder to acquire up to 2,000,000 additional common shares at $1.50 per share on or before January 7, 1999, after which the A Warrant shall expire. Each B Warrant entitles the holder to acquire up to 2,000,000 additional common shares at $3.00 per share on or before January 7, 2000, after which the B Warrant shall expire. If all the A and B Warrants are exercised the Company will issue up to an additional 4,000,000 common shares in consideration of $9 million. The common shares and any shares issued pursuant to the exercise of the A and B Warrants are subject to a 12 month hold period commencing in January 7, 1998.
Completion of this financing will enable the Company to meet its targeted 1998 production and revenue projections of four manufacturing plants and $24.6 million in sales.
The Company has received its first North American orders for "SOLTRON - The enzyme that enhances fuel".
The most significant of orders received has been from a police department in Ohio who tested SOLTRON and provided the following testimonial: "I want to take this opportunity to thank you for introducing SOLTRON to our department. After testing this product in two of our police cruisers, I was amazed to see the marked improvement we obtained in our fuel consumption. The test results showed that we obtained an increase of 20% in miles per gallon. We also realized a 23% reduction in the average gallons used per day. Based on these test results our department should receive a substantial savings fuel cost by using SOLTRON."
An order has also been received from a major distributor of petroleum and related products. This distributor plans to use SOLTRON as their lead product in a national campaign aimed at reducing emissions.
The Phoenix SOLTRON Manufacturing Plant is in the process of being commissioned for full production to fill these orders and several other significant launch orders in SOLPOWER's Corporate Territory. |
