CALGARY, ALBERTA--(Marketwire - March 25, 2013) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the "Company") confirms that it has completed the previously announced (News Release: March 15, 2013) private placement of Convertible Debentures and Common Share Purchase Warrants to Doughty Hanson Technology Ventures ("DHTV") for gross proceeds of $500,000.
The Convertible Debenture is unsecured, bears interest at 8% per annum, and is convertible into 50,000, $10, 8% First Preferred Shares ("Preferred Shares") of Sustainable Energy. The Preferred Shares are themselves convertible into common shares of the Company at a price of $0.105 per share. The term of the Debenture is for a period of 6 months enabling the Company to secure longer term financing for its business. DHTV also acquired a pre-emptive right to participate in up to $1 million of such a financing alongside outside investors and management, including the option of tendering the Convertible Debenture as payment.
The Company also issued detachable common share purchase warrants to acquire up to 4,750,000 common shares of the Company at an exercise price of $0.105. This financing remains subject to TSX Venture Exchange approval.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and manufactures intelligent power inverters for a wide arrange of distributed generation and storage technologies. The inverters incorporate patented breakthrough technologies which enable the highest efficiency conversion of low voltage direct current inputs in the industry.
A single standard low cost electronics platform supports (i) the solar industry's only industry standard inverter enabling the higher yields and installation flexibility; the solar industry's only industry standard inverter enabling the safety of extra low operating voltages and (iii) the industry's highest bi-directional power conversion efficiencies for grid tied energy storage and fuel cells.
Approximately 20MW of 1st and 2nd generation PARALEX inverters have been installed in 7 different countries.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, it includes: statements concerning proposed financings, the market for energy storage in Europe and elsewhere; and statements concerning its expectations of unit sales over the next 30 months and While management believes these statements to be accurate they are dependent on a wide range of factors beyond management's control and should not be viewed as a guarantee of the specific outcome. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties.
Many factors could cause the Companies' actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Companies do not undertake any obligation to release publicly any revisions to forward- looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Michael Carten
Chief Executive Officer
403.508.7177 #111
Michael.Carten@sustainableenergy.com