NEW YORK, June 1, 2012 /PRNewswire/ -- 3Power Energy
Group Inc. ("3Power" and "the Company") (OTCBB: PSPW) (Frankfurt:
PSD), is pleased to announce that the company signed a frame
agreement to receive a 15 years interest-only bond amounting
USD 75M with the 100% of loan
principal, fully due and payable at the conclusion of the 15 year
term. The bond will be collateralized by the company's projects in
addition to the financial securities provided by the selected
investors consortium from the company shareholders. The company is
negotiating with the bond provider the details and final
terms of the facility contract.
The facility proceeds will be used to finance the equity
required for 3Power's current projects portfolio in its final
acquisition stage and also assist in its expansion activities into
the US market.
Additionally, the company is negotiating further USD 20M equity facility with a US based
"The capital raising upon finalization would match the
soon expected acquisition closing costs of the major projects
from the company's pipeline projects previously announced,"
stated Mr. Umamaheswaran Balasubramaniam, the company CEO.
"We are making steady and solid steps in the development of our
company towards our goal to be one of the world's leading renewable
energy utility scale power plants owner and operator," stated Mr.
Mohammed Falaknaz,the company
chairman. "The current projects pipeline in addition to the planned
US market entry projects will establish upon acquisition a unique
product mix and provide profitable and sustainable revenue stream,"
added Mr. Falaknaz,
Forward Looking Statements
This release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to 3Power, its business and prospective development
plans. These forward-looking statements can be identified by the
use of terminology such as "subject to," "believe," "expects,"
"plan," "project," "estimate," "intend," "may," "will," "should,"
"can," or "anticipates," or the negative thereof, or variations
thereon, or comparable terminology, or by discussions of
strategy. Although all of the forward-looking statements set
forth in this press release are believed to be reasonable, actual
results may differ materially from those expressed in
forward-looking statements as a result of factors outside of the
control of 3Power. 3Power cannot provide assurances that any
prospective matters described in the press release will
successfully close or otherwise be completed or that 3Power will
realize the anticipated benefits of any such transactions.
Important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in 3Power's Securities and Exchange Commission
filings. Readers are cautioned not to place undue reliance on
forward-looking statements. 3Power does not undertake and
specifically disclaims any obligation to update, republish or
revise forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrences
of unanticipated events. All forward-looking statements should
be regarded solely as 3Power's current plans, estimates and
SOURCE 3Power Energy Group Inc.