United Energy Announces $1.75 Million Financing Arrangement With Laurus Funds
March 25 2004 - 10:50AM
PR Newswire (US)
United Energy Announces $1.75 Million Financing Arrangement With
Laurus Funds SECAUCUS, N.J., March 25 /PRNewswire-FirstCall/ --
United Energy Corp. (BULLETIN BOARD: UNRG.OB) announced today that
it has entered into a $1.75 million financing arrangement with
Laurus Master Fund, Ltd. ("Laurus Funds"), a financial institution
specializing in funding small and micro- capitalization companies.
Under the arrangement, United Energy issued a $1.75 million secured
convertible term note with a variable rate coupon based on the WSJ
Prime Rate. The term note is convertible into equity at an initial
conversion price of $1.00 per share. Laurus Funds was also issued
warrants to purchase up to 300,000 shares of United Energy's common
stock. United Energy's Chairman and CEO, Ron Wilen stated, "The
arrangement with Laurus Funds provides United Energy additional
capital to grow through a more aggressive international sales
campaign for its current line of specialty chemicals and possibly
the acquisition ofvalue-added operating companies producing other
environmentally-friendly chemicals. We view this transaction as
extremely positive for United Energy and our shareholders." About
United Energy Headquartered in Secaucus, New Jersey, United Energy
is actively engaged in the development, manufacture and sale of
environmentally friendly specialty chemical products. United
Energy's leading product is its KH-30(R) multifunctional dispersant
and its line of related products, KX-91(R) and KH- 30S(R), which
have proven to be effective cleaners in oil and gas wells,
pipelines and storage tanks. Forward Looking Statements Except for
the historical information herein, the matters discussed in this
news release include forward-looking statements that may involve a
number of risks and uncertainties. Actual results may vary
significantly based on a number of factors, including, but not
limited to, risks in product and technology development, market
acceptance of new products and continuing product demand, the
impact of competitive products and pricing, changing economic
conditions, including changes in short-term interest rates and
foreign currency fluctuations and other risk factors detailed in
United Energy's most recent annual report pursuant to the
Securities Exchange Act of 1934 and other filings with the
Securities and Exchange Commission. DATASOURCE: United Energy Corp.
CONTACT: Ronald Wilen, Chairman and Chief Executive Officer of
United Energy, +1-201-842-0288
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