SOURCE: Titan Energy Worldwide

October 03, 2007 10:59 ET

Titan Energy Worldwide, Inc. Opens $10 Million Private Placement Offering of Company's Preferred Stock

SAN DIEGO, CA--(Marketwire - October 3, 2007) - Titan Energy Worldwide, Inc. (OTCBB: TEWI) announced today that the Company has opened a private placement of the Company's stock in an effort to raise as much as $10 million of cash. The Company plans to use the proceeds from this offering to reduce its debt, to potentially acquire one or more targeted companies, and to provide inventory and operational funds.

The Company's offering has a minimum of $1 million and a maximum of $10 million. Subscribers will receive one unit of Preferred Series D stock in the Company for $10,000; each unit or Preferred Series D share of stock will have the right to convert to 10,000 shares of Common Stock in the company. Subscribers will 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 for every three conversion shares they purchase. The offering closes on December 31, 2007. 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.

Titan Energy Worldwide, Inc. was founded two years ago by seasoned industry professionals to become a leader in the manufacturing, marketing and servicing of energy generation products and services. One of Titan's subsidiaries, Stellar Energy Services, is an authorized dealer and provides sales and support for Generac Power System, Inc. (www.generac.com) generators and other products in Minnesota, West Wisconsin, North and South Dakota, Iowa and Nebraska. Through Stellar, Titan offers a full range of gas and diesel powered products including standby power systems, modular power systems, residential, light commercial and telecommunications systems. As a manufacturer of emergency utility systems, Titan has designed and developed the Sentry 5000, a mobile multifunctional utility system designed for deployment in emergency and disaster recovery environments.

More information on Titan Energy Worldwide 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:
    Jeff Flannery
    Titan Energy Worldwide, Inc.
    (619) 342-7449