HydroGen Corporation Announces $25,775,000 Private Placement of Common Stock; Company Raises $25.775 Million for Commercial Demonstration and Advanced Manufacturing Activities.CLEVELAND -- HydroGen Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : HYDG), a company that designs and manufactures multi-megawatt air-cooled phosphoric acid fuel cell Phosphoric acid fuel cells (PAFC) are a type of fuel cell that uses liquid phosphoric acid as an electrolyte. The electrodes are made of carbon paper coated with a finely-dispersed platinum catalyst, which make them expensive to manufacture. (PAFC PAFC Phosphoric Acid Fuel Cells PAFC Plymouth Argyle Football Club (UK) PAFC Port Adelaide Football Club ) systems, today announced that it received signed definitive agreements for a private placement of its securities for gross proceeds of $25,775,000. In the private offering, the company sold approximately 5.155 million shares of common stock and common stock purchase warrants to purchase approximately 1.289 million shares. The warrants have a five-year term and an exercise price of $6.60 per share. The private placement is subject to customary closing conditions and is expected to close within the next several days. Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution acted as the sole placement agent for the offering. Dr. Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Blomen, Chairman and Chief Executive Officer of HydroGen Corporation, said, "Proceeds from this financing will be used to accelerate and expand our commercial demonstration and advanced manufacturing activities, as we execute our strategies for market introduction and for significant fuel cell module cost reductions. We thank our investors for their interest in the company and Piper Jaffray for their exceptional work in conducting this financing." HydroGen's business plan calls for the company to design, manufacture and sell 6-30 megawatt meg·a·watt n. Abbr. MW One million watts. meg  a·watt (MW) turnkey power plants, based on a standardized 2MW power island consisting of five of HydroGen's 400-kilowatt (kW) modules. Additionally, HydroGen plans to generate recurring revenues from the sale of operations and maintenance services, and ongoing lease revenues for the 400kW modules. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The shares and warrants issued in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws. The shares may not be offered or sold 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. absent registration under the Securities Act and applicable state securities laws or an applicable exemption from registration requirements. Hydrogen has agreed to file a registration statement covering the shares of common stock and the shares issuable upon exercise of the warrants. About HydroGen Corporation HydroGen Corporation is a developer of multi-megawatt fuel cell systems utilizing its proprietary 400-kilowatt phosphoric acid phosphoric acid, any one of three chemical compounds made up of phosphorus, oxygen, and hydrogen (see acids and bases). The most common, orthophosphoric acid, H3PO4, is usually simply called phosphoric acid. fuel (PAFC) cell technology. Utilizing fuel cell technology originally developed by Westinghouse Corporation, the company targets market applications where hydrogen is currently available and other drivers favoring the adoption of fuel cells are present. Forward-Looking Statements Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding HydroGen's anticipated economically competitive fuel cell systems. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as fluctuations in demand for HydroGen's products, HydroGen's ability to maintain strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of HydroGen's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in HydroGen's filings with the United States Securities and Exchange Commission. HydroGen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion