SOURCE: Titan Energy Worldwide, Inc.

November 07, 2007 09:00 ET

Titan Energy Worldwide, Inc. Completes First $3 Million in Private Placement Offering

SAN DIEGO, CA--(Marketwire - November 7, 2007) - Titan Energy Worldwide, Inc. (OTCBB: TEWI) announced today that it has closed on the first $3 million of its current $10 million offering of Series D Convertible Preferred Stock. This initial close has allowed the company to retire the remaining balance of bridge financings not converted prior to the current offering as well as provide the Company with valuable working capital.

John Tastad, Chief Executive Officer of Titan Energy Worldwide, Inc., stated, "We are excited that many of our investors in the previous bridge financings elected to convert into this offering. We believe this is an affirmation of the general level of confidence in the Company shared by our investor base."

Mr. Tastad went on to say that, "This first close on our current offering combined with the conversion of other liabilities to stock in the company has allowed us to retire more than $3.8 million or nearly 90% of the debt on our balance sheet and provide working capital for the Company."

In addition to the conversion and retirement of all bridge financings, Titan Energy Worldwide, Inc., prior to this offering, converted all of Preferred Series A, B and C stock into common shares. After bridge conversions and conversion of all preferred stock, the Company had approximately 15.3 million shares issued and outstanding.

Mr. Tastad commented, "The bridge conversions and conversion of all series of preferred shares will allow us to continue to go forward with a capitalization structure that complements our growth and acquisition strategy."

Subscribers in the Offering receive one unit of Preferred Series D stock in the Company for $10,000; each unit consists of one Preferred Series D share of stock which will have the right to convert into 10,000 shares of Common Stock in the Company. Subscribers also receive one Type A warrant with an exercise price of $1.20 and one Type B warrant with an exercise price of $1.40. Both warrants allow the subscriber to purchase 3,333 shares of common stock. As the offering is being made pursuant to Regulation D, the securities will only be offered to "accredited investors" as defined in Regulation D and will not be registered under the Securities Act of 1933 and may not be offered or sold absent registration or an applicable exemption from registration.

More information on Titan Energy Worldwide and Stellar Energy Services can be found at www.titanenergy.com.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of TEWI officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future TEWI actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and TEWI has no specific intention to update these statements.

Contact Information

  • Contact:
    Jeffrey Flannery
    (619) 342-7449