World Energy Announces New Financing of up to US$2.5 Million
November 05 2009 - 7:01AM
PR Newswire (US)
WORCESTER, MA, Nov. 5 /PRNewswire-FirstCall/ -- World Energy
Solutions, Inc. (NASDAQ: XWES; TSX: XWE), an operator of online
exchanges for energy and green commodities, today announced it has
entered into an agreement with Bond Capital, Ltd. (Bond), a
strategic partner of the Company, for the purchase of up to US$2.5
million of Company common stock. Pursuant to the agreement, the
purchasing entity, an affiliate of Bond, will acquire US$1.0
million of World Energy's common stock at US$2.97 per share. World
Energy has agreed to offer the additional US$1.5 million in Company
shares on the same terms to Bond or its designee - with price to be
determined at the time of investment - through December 31, 2009.
Proceeds from the transaction will be used for general corporate
purposes, including supporting the Company's growth initiatives.
About World Energy Solutions, Inc. World Energy (NASDAQ: XWES; TSX:
XWE) operates online exchanges for energy and green commodities.
For buyers and sellers of electricity, natural gas, capacity, and
green-energy assets who are impacted by today's volatile markets,
World Energy's proven approach has transformed the normally complex
procurement process into a powerful, streamlined vehicle for cost
savings. In addition to enabling customers to seek competitive
pricing on traditional energy commodities, World Energy is taking a
leadership position in the emerging environmental-commodities
markets. Its award-winning World Green Exchange(R) supports the
ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and
trade program for CO2 emissions. For more information, please visit
http://www.worldenergy.com/. This press release contains
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ from those
indicated in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: our revenue is
dependent on actual future energy purchases pursuant to completed
procurements; the demand for our services is affected by changes in
regulated prices or cyclicality or volatility in competitive market
prices for energy; we depend on a small number of key energy
consumers, suppliers and channel partners; there are factors
outside our control that affect transaction volume in the
electricity market; our plans to draw against our credit facility
and beliefs with respect to cash flow; and there are other factors
identified in our Annual Report on Form 10-K and subsequent reports
filed with the Securities and Exchange Commission. DATASOURCE:
World Energy Solutions, Inc. CONTACT: Investor Relations, Jim
Parslow, World Energy Solutions, Inc., (508) 459-8100, ; or Craig
Armitage, The Equicom Group, (416) 815-0700 x278, ; Media
Relations, Dan Mees, World Energy Solutions, Inc., (508) 459-8156,
Copyright