SOURCE: Titan Energy Worldwide

May 06, 2008 10:43 ET

Titan Energy Worldwide Files Registration Statement for Previously Issued Shares

MINNEAPOLIS, MN--(Marketwire - May 6, 2008) - Titan Energy Worldwide, Inc. (OTCBB: TEWI), a leading provider of emergency and stand-by power systems, today announced the Company has filed an S-1 registration statement with the Securities and Exchange Commission to register 11,789,020 shares of the company's common stock. This filing, once effective, will benefit existing shareholders who purchased Units in the Company's Private Placement Offering which closed on January 31, 2008 and the placement agents who were issued warrants for their participation in the Offering.

James Fahrner, the Company's Chief Financial Officer, said, "As required by our Private Placement Memorandum, we have filed a registration statement requesting that the shares and warrants underlying the Units purchased by the investors be registered. This includes approximately 6,570,000 shares underlying the Preferred Series D stock, and approximately 4,379,520 shares underlying the warrants. In addition we are requesting the registration of the shares underlying the warrants issued to the placement agents who participated in the Offering."

"Titan Energy has not sold any additional shares to investors since our PIPE transaction in January 2008," added Fahrner.

The company's Offering closed on January 31, 2008 and raised approximately $6.5 million in gross proceeds to the Company. Each Unit in the Offering consisted of one (1) share of Series D Convertible Preferred Stock, one (1) Class A Warrant and one (1) Class B Warrant. Each share of Series D Convertible Preferred Stock is convertible into 10,000 shares of our common stock. Each Class A and Class B Warrant is convertible into 3,333 shares of our common stock at an exercise price of $1.20 and $1.40, respectively. The Private Placement Offering included broker warrants to purchase shares of our common stock at an exercise price of $1.25.

Prior to the registration statement, the Company had approximately 15,438,167 million shares of common stock issued and outstanding. Once the registration statement goes effective, the fully diluted issued and outstanding number of shares will be approximately 22,008,167.

About Titan Energy Worldwide, Inc.

Titan Energy is a leader in the manufacturing, marketing and servicing of energy generation products and services, a major participant in the distributed, renewable, and alternative energy industries, and a leader in development and support for new energy-related technology

Founded in 2005, Titan combines engineering expertise, established sales and distributorships, service operations and unique strategic partnerships to meet the growing global demand for clean, efficient, energy solutions. Titan serves disaster recovery first responders, relief agencies, homeland security, the department of defense and municipalities. For more information, visit the company's website 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

  • For more information about Titan Energy please contact:
    Julie Kane
    Titan Energy Worldwide, Inc.
    (248) 446-8557