CORRECTING and REPLACING WorldWater Corp. Executes $3.64 Million Institutional Financing Agreement; Company Has Call on Funds Totaling $7.28 Million.Energy Editors/Business Editors CORRECTION...by WorldWater Corp. PENNINGTON, N.J.--(BUSINESS WIRE)--April 8, 2004 In BW5145 issued April 6, 2004: Sixth graph, second sentence of release dated April 6, 2004 should read: SBI-USA is a division of First Securities USA, Inc., member NASD/SIPC (sted SBI-USA is a member of the SOFTBANK Investment Group and a division of First Securities USA, Inc., member NASD/SIPC.). The corrected release reads: WORLDWATER CORP. EXECUTES $3.64 MILLION INSTITUTIONAL FINANCING AGREEMENT; COMPANY HAS CALL ON FUNDS TOTALING $7.28 MILLION WorldWater Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WWAT) announced today that it has received a $3.64 million common stock purchase commitment, with a call on an additional $3.64 million at WorldWater's option, for a total of $7.28 million. SBI SBI Special Background Investigation SBI Subsidiary Body for Implementation SBI State Bank of India SBI Secure Border Initiative SBI Small Business Institute SBI Stockholm Brain Institute SBI Serious Bacterial Infection SBI Society of Breast Imaging Brightline VIII, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an affiliate of SBI-USA, LLC, will provide the investment, subject to certain conditions. Among the terms and conditions, the financing is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the effectiveness of a Registration Statement with the Securities and Exchange Commission covering the securities to be issued in this transaction. WorldWater Corp. has now received an advance of $800,000 from SBI Brightline in the form of a loan bridging the period before the Registration effective date. The SBI agreement provides financing without resets or pricing adjustments. By having fixed price financing, the Company can elect to draw down the capital needed without the risks and uncertainties inherent in an equity credit line. "This financing provides the needed capital to fund our growth strategy," said Quentin T. Kelly, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of WorldWater Corp. "Our management team will focus the new resources on expanding our distribution network, supporting sales personnel, servicing our customers, and continuing to improve our technology. We are better positioned than ever to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the exciting opportunities we feel exist in the solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. and water management industries, both in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and overseas." "We are very excited to be involved with WorldWater," said Shelly Singhal, Managing Director of SBI USA. "We believe there is tremendous value in alternative energy solutions and that WorldWater has the technology and management to allow it to play an integral role in implementing these solutions worldwide." About SBI USA: Based in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , SBI-USA is a full service investment banking firm committed to providing financing solutions for emerging growth companies in the United States and Asia. SBI-USA is a division of First Securities USA, Inc., member NASD/SIPC. About WorldWater Corp.: WorldWater (www.worldwater.com) is a full service international solar energy and water management company with unique, high-powered solar technology providing solutions to water supply and energy problems. The company has developed and patented AquaMax(TM) solar systems capable of operating pumps up to 600 hp, making it the first solar company in the world to deliver mainstream pumping and motor-drive capability. Forward Looking Statements -- This document may contain statements which constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. "Forward-looking statements" include any statement which is not of purely historical fact, such as statements concerning plans, objectives, goals, strategies and future events and underlying assumptions thereof. Such forward-looking statements involve known and unknown risks, and uncertainties expressed or implied by such forward-looking statements could be materially different from those projected. Such factors include, among others, general economic and business conditions which may impact demand for the Company's solar generated pumps and electricity; changes in tax laws and regulations; the ability of the Company to implement its marketing strategy and to expand its business in the worldwide market; the ability of the Company to build its production facility up to the level of efficiency and output of its planned production; and changes in laws and government regulations applicable to the Company, including laws in foreign nations. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion