(BSNS WIRE) WorldWater Corp. Executes \$3.64 Million Institutional Financing A
reement; Company Has Call on Funds Totaling \$7.28 Mil
WorldWater Corp. Executes \$3.64 Million Institutional Financing Agreement; Compa
y Has Call on Funds Totaling \$7.28 Million
Energy Editors / Business Editors
PENNINGTON, N.J.--(BUSINESS WIRE)--WWAT--
WorldWater Corp. (OTCBB:WWAT) announced today that it
has received a \$3.64 million common stock purchase commitment, with a
call on an additional \$3.64 million at WorldWater`s option, for a
total of \$7.28 million. SBI Brightline VIII, LLC, an affiliate of
SBI-USA, LLC, will provide the investment, subject to certain
conditions.
Among the terms and conditions, the financing is contingent on the
effectiveness of a Registration Statement with the Securities and
Exchange Commission covering the securities to be issued in this
transaction. WorldWater Corp. has now received an advance of \$800,000
from SBI Brightline in the form of a loan bridging the period before
the Registration effective date.
The SBI agreement provides financing without resets or pricing
adjustments. By having fixed price financing, the Company can elect to
draw down the capital needed without the risks and uncertainties
inherent in an equity credit line.
" This financing provides the needed capital to fund our growth
strategy," said Quentin T. Kelly, Chairman and CEO of WorldWater Corp.
" Our management team will focus the new resources on expanding our
distribution network, supporting sales personnel, servicing our
customers, and continuing to improve our technology. We are better
positioned than ever to capitalize on the exciting opportunities we
feel exist in the solar energy and water management industries, both
in the United States and overseas."
" We are very excited to be involved with WorldWater," said Shelly
Singhal, Managing Director of SBI USA. " We believe there is tremendous
value in alternative energy solutions and that WorldWater has the
technology and management to allow it to play an integral role in
implementing these solutions worldwide."
About SBI USA: Based in Irvine, California, SBI-USA is a full
service investment banking firm committed to providing financing
solutions for emerging growth companies in the United States and Asia.
SBI-USA is a member of the SOFTBANK Investment Group and a division of
First Securities USA, Inc., member NASD/SIPC.
About WorldWater Corp.: WorldWater (www.worldwater.com) is a full
service international solar energy and water management company with
unique, high-powered solar technology providing solutions to water
supply and energy problems. The company has developed and patented
AquaMax(TM) solar systems capable of operating pumps up to 600 hp,
making it the first solar company in the world to deliver mainstream
pumping and motor-drive capability.
Forward Looking Statements -- This document may contain statements
which constitute " forward-looking statements" within the meaning of
the Private Securities Litigation Act of 1995. " Forward-looking
statements" include any statement which is not of purely historical
fact, such as statements concerning plans, objectives, goals,
strategies and future events and underlying assumptions thereof. Such
forward-looking statements involve known and unknown risks, and
uncertainties expressed or implied by such forward-looking statements
could be materially different from those projected. Such factors
include, among others, general economic and business conditions which
may impact demand for the Company`s solar generated pumps and
electricity; changes in tax laws and regulations; the ability of the
Company to implement its marketing strategy and to expand its business
in the worldwide market; the ability of the Company to build its
production facility up to the level of efficiency and output of its
planned production; and changes in laws and government regulations
applicable to the Company, including laws in foreign nations.
KEYWORD: NEW JERSEY CALIFORNIA
INDUSTRY KEYWORD: BANKING BANKING ENERGY
SOURCE: WorldWater Corp.
CONTACT INFORMATION:
WorldWater Corp.
Debra J. Grady, 609-818-0700
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