Echo Automotive Completes Private Placement Financing
One Million Echo Shares Sold at $0.50 a Share to Complete Private Placement Offering
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwired) -- 04/04/13 -- (OTCQB: ECAU) ("Echo Automotive," "Echo" or the "Company"), a developer of technologies enabling the cost effective conversion of existing fleet vehicles into fuel efficient hybrids and plug-in hybrids, is very pleased to announce the completion of a private placement offering of one million shares to provide working capital for the Company.
The Company had authorized the sale and issuance of up to 1,000,000 units of Company securities to qualified investors in a private placement for the purpose of raising working capital for the Company. This offering consisted of shares of Company's common stock at $0.50 per share and warrants exercisable to purchase one share of common stock at an exercise price per share of $0.75 for each common stock purchased. The offering was completed and fully subscribed.
"We are very pleased by the response to the private placement offering," stated Dan Kennedy, Echo's CEO. "Completing this offering gives us additional working capital to continue furthering our technology and executing on our business plan. We are gratified by the enthusiastic interest and ability to conclude the offering as planned."
"Our focus continues to be on building our business," continues Mr. Kennedy. "We are coming off a very successful NTEA trade show where we won the Most Innovative Product award beating out 120 other companies and products. We generated a number of significant prospects leading to a number of interested customers as a result of the show that we are currently in dialogue with."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at: .
(OTCQB: ECAU)
Echo Automotive, Inc. develops technologies and products designed for cost effective conversion of existing vehicles into fuel-efficient hybrids and plug-in hybrids. The key to Echo's strategy is the bolt-on nature of its solution that introduces little or, in some cases, almost no additional points of failure, making it low risk compared to competing solutions. For more information, please visit .
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new technologies and development stage companies. These forward-looking statements are made as of the date of this news release and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current report on Form 8-K filed October 15, 2012, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Datum: 04.04.2013 - 09:05 Uhr
Sprache: Deutsch
News-ID 1213486
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