SwissINSO Raises $5.585 Million in Debt Financing.
The financing consists of 9% secured convertible notes and 5-year warrants. The notes mature 24 months after their issuance and are convertible, at the option of the holder, into shares of the company's common stock at a conversion price of $0.50 per share. If eighty percent of the noteholders agree to convert their notes, the remaining holders are obligated to do so as well. In addition, the company can require the notes to be converted if its common stock trades at $3 or more per share for twenty consecutive days. The warrants are exercisable at $1.00 per share in an amount equal to the number of shares of common stock into which the notes are convertible. Additional information about the financing and the securities can be found in SwissINSO's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 24, 2010.
The company is confident that this capital will be sufficient to fund general business activities and initiatives in line with its current growth objectives. However, the company's objective is to continue the current financing until it has raised at least $10 million.
Michel Gruering, Chairman and President of SwissINSO, said, "We are very pleased to have successfully completed this round of financing. Aside from putting the company on a strong financial footing, the capital raise is a testament to the confidence our investors have in our company, its distinctive products and solutions, and our ability to execute on our business plan."
The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. As part of the terms of the financing, the company has granted the investors certain demand and piggyback registration rights with regard to the shares of common stock issuable upon conversion of the notes.
About SwissINSO: SwissINSO, located in Lausanne, Switzerland, utilizes its intellectual property assets to provide environmentally friendly, innovative solar energy solutions and related technology to meet growing global needs. The company's goal is to become a world leader in turn-key solutions using renewable energy for the purification and desalination of water and the air cooling of buildings. Additional information can be found at http://www.swissinso.com.
Safe Harbor Statement: A number of statements contained in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including our ability to raise capital when needed and on acceptable terms and conditions, the intensity of competition and general economic factors. The actual results SwissINSO may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. SwissINSO encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
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|Date:||Feb 25, 2010|
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