CarCharging Completes Capital Raise
October 24 2016 - 8:30AM
Marketwired
CarCharging Completes Capital Raise
Leading Electric Vehicle Charging Service Owner, Operator, and
Provider Secures Additional Funding
MIAMI BEACH, FL-(Marketwired - Oct 24, 2016) - Car Charging
Group, Inc. (OTCQB: CCGI) ("CarCharging"), a leading owner,
operator, and provider of electric vehicle (EV) charging services,
announced that it has entered into a Securities Purchase Agreement
(the "Purchase Agreement") for total proceeds to CarCharging of
$2.5 Million with JMJ Financial, a privately held investment firm
that specializes in providing growth and development capital to
emerging small cap companies. JMJ Financial has the option of
providing up to an additional $1 Million to CarCharging for a
potential total raise of $3.5 Million.
The Purchase Agreement consisted of a convertible note with a
conversion price of $0.70 plus warrant coverage and the issuance of
origination shares of common stock at the maturity date of the
note. $500,000 of the funds were disbursed at closing, with the
remainder of the funds to be disbursed based upon successful
achievement of certain company milestones.
"We are extremely excited to close on this bridge loan with JMJ
Financial," said Michael D. Farkas, CarCharging's Founder and
Executive Chairman. "This financing is one of a few steps that
CarCharging must take that will allow the company to file an S-1
with the Securities and Exchange Commission to register a new
offering of our securities and work towards achieving a listing on
a national stock exchange."
This press release does not constitute an offer to sell or a
solicitation of an offer to buy shares in CarCharging, nor shall
there be any offer, solicitation or sale of securities in any
jurisdiction in which such offer, solicitation, or sale would be
unlawful.
About Car Charging Group, Inc. Car Charging Group, Inc. (OTCQB:
CCGI) is a leader in nationwide public electric vehicle (EV)
charging services, enabling EV drivers to easily recharge at
locations throughout the United States. Headquartered in Miami
Beach, Florida with offices in Los Gatos, California, and Phoenix,
Arizona, CarCharging's business is designed to accelerate the
adoption of public EV charging.
CarCharging offers EV charging equipment and connectivity to the
Blink Network, a cloud-based software that operates, manages, and
tracks the Blink EV charging stations and all of the associated
data. The Company also provides residential EV charging solutions
for single-family homes.
CarCharging has strategic property partners across multiple
business sectors including multifamily residential and commercial
properties, parking garages, shopping malls, retail parking, and
municipalities.
For more information about CarCharging, please visit
www.CarCharging.com and www.BlinkNetwork.com.
Forward-Looking Safe Harbor Statement: This press release
contains forward-looking statements as defined within Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. By their nature,
forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those statements
include statements regarding the intent, belief or current
expectations of Car Charging Group, Inc., and members of its
management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
Investor Relations and Media Contacts: CarCharging Media
Contact: Suzanne Tamargo Suzanne@CarCharging.com (305) 521-0200 x
214
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