SOURCE: Empyrean Holdings, Inc.

December 12, 2008 09:30 ET

Empyrean Holdings, Inc. Secures $10 Million Equity Line of Credit With Dutchess Private Equities Fund, Ltd.

HOUSTON, TX--(Marketwire - December 12, 2008) - Empyrean Holdings, Inc. (OTCBB: EMPYE) is pleased to announce that it has finalized an agreement with Dutchess Private Equities Fund, Ltd. for up to $10,000,000 financing through an Equity Line of Credit. In accordance with the terms of the Agreement, Dutchess has committed to purchase up to $10,000,000 of the Company's common stock over the course of 36 months. The funds shall become available to Empyrean at the option and timing determined best by the company once the Company's registration statement on Form S-1 to register the shares for the Equity Line is deemed effective by the SEC.

CEO Robert L. Lee said, "This financing will provide us with access to substantial capital over a period of time, and will ensure that we have the funds necessary to implement the initial phase of our business plan. The structure of the Agreement also provides us with a measure of flexibility by allowing us to access this capital at our option, thus protecting our investors from any unnecessary dilution. It is also our intention to pursue alternative financing that is more project specific to the development plans being pursued for each of the company's subsidiaries."

Safe Harbor Provision

Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review Empyrean's Forms 10-K and 10-Q for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.

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