COVOL Technologies Inc. Announces That It Has Closed Two Equity Financing Transactions That in Aggregate Amount to Approximately $6.3 Million.LEHI, Utah--(BUSINESS WIRE)--Nov. 4, 1997-- And Project Financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. for up to Four Synthetic Fuel Synthetic fuel or synfuel is any liquid fuel obtained from coal, natural gas, or biomass. It can sometimes refer to fuels derived from other solids such as oil shale, tar sand, waste plastics, or from the fermentation of biomatter. Plants Covol Technologies Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CVOL CVOL Control Volume ) Tuesday announced the successful completion of two separate private placement transactions. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. its current report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , dated Sept. 18, 1997, and filed with the Securities and Exchange Commission on Oct. 25, 1997, the company has raised an aggregate of approximately $6.3 million in additional equity. The company raised the equity in separate private placements to accredited investors by issuing $2.2 million of its Series B Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and $4.1 million of restricted common stock. The terms of the Series B Convertible Preferred Stock and the other terms of each private placement are summarized in the company's Form 8-K filing, copies of which are available on the SEC's Edgar database or by request to the company. The company has also had discussions with existing joint venture partners with respect to financing of future projects. At least one such partner has indicated that, subject to its approval of the project and agreement on the final terms of the financing, it would be willing to provide financing for up to four projects in exchange for a portion of the royalty payments made with respect to those projects and other rights to participate in the projects. Covol Technologies Inc. is a technology development company focused on recycling yesterday's waste into tomorrow's resources. -0- NOTE TO EDITORS: Statements in this news release that relate to future plans, financial results or projections, events or performance or are not purely historical in nature, are 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including any statements with respect to future financing of synthetic fuel facilities. Such statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements as a result of a number of factors, including but not limited to ability to obtain necessary capital or financing, the ability of the company to complete facilities in a timely manner, economic factors generally in the coal industry, the company's ability to find purchasers of the facilities and the company's ability to locate appropriate sites for facilities. CONTACT: Covol Technologies Inc., Lehi Alan Ayers, 801/768-4481 fax 801/768-4483 |
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