Geoexchange Technology Provider - Essential Innovations Technology Corp. (ESIV) - Announces $1,750,000 USD Financing
May 19 2008 - 9:15AM
PR Newswire (US)
BELLINGHAM, Wash., May 19 /PRNewswire-FirstCall/ -- Essential
Innovations Technology Corp. (OTC Bulletin Board: ESIV; FRANKFURT:
E6S) is truly pleased to announce that it has successfully closed
and funded a financing in the form of a convertible secured note in
the amount of $1,750,000 USD. The proceeds invested in the Company
from the sale of a fixed price, interest-bearing, convertible term
note, will be used to pay down existing debt, purchase raw
materials, structure an interest escrow account for service of the
note, and to provide overall general working capital. This
investment not only allows the Company to focus on the production
and delivery fulfillment of a significant amount of current units
orders, but it further supports the rapid and steady growth plan
for the manufacturing and distribution activities for it's
proprietary Geoexchange heat pump technology. "This recent funding
is truly representative of the high level of confidence that exists
from the investment community in our technology, our people, our
industry and our organization. The business relationships we have
now solidified over this last year, most particularly in relation
to the sales and distribution of our EI Elemental Geoexchange
product line, provided us with the necessary validation of our
overall business case to gain the on-going support of our lender as
is clearly represented by this substantial investment. As
negotiations in relation to a larger equity financing now continue
forth with numerous parties both domestically and internationally,
this recent $1,750,000 investment has provided a wonderful catalyst
to drive our business and to continue to prove to those in the
capital markets and throughout the industry that we have positioned
ourselves to be one of the true Geoexchange leaders in the World
today," stated Jason McDiarmid, President/CEO. With regards to
additional financing, the Company remains engaged in multiple
discussions and negotiations with other outside investment sources
and/or strategic business partnership candidates with the goal to
facilitate a large straight equity financing in the latter part of
2008/early 2009. The proceeds of such future financing would allow
the Company to further expand global operations, move in to
full-scale international production and distribution of it's
Geoexchange product line, launch a widespread sales and marketing
campaign, entirely take-out existing senior secured debt, continue
to seek further ESCO project opportunities and to provide
significant on-going working capital. Essential Innovations
Technology Corp. provides cutting-edge Geoexchange solutions for
residential, commercial and industrial applications as both a
Geoexchange energy service company and as a manufacturer of
proprietary geothermal heat pump technology. The Company was
incorporated in April 2001, and it has four wholly owned
subsidiaries located in British Columbia, Canada and in Hong Kong,
SAR, China. Geoexchange technology harnesses the earth's clean,
renewable thermal energy stored just below the surface or in large
bodies of water for purposes of heating, cooling, domestic hot
water and/or dehumidification. A Geoexchange system is used to
"exchange" the earth's natural heating and cooling properties
between a building and the ground. This non-combustion transfer of
energy is the source of performance and environmental superiority,
as Geoexchange systems need only a small amount of electrical
energy to then capture, move and concentrate a large amount of free
energy provided by the earth. Forward-Looking Statements This news
release contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Statements
in this press release, which are not purely historical, are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Investors are cautioned that such forward-looking statements
involve risks and uncertainties. These statements include, but are
not limited to, statements that do not describe historical facts
and statements that include the word "believes," "anticipates,"
"expects," "plans," "intends," "designs," "projects" or similar
language, as well as statements regarding consumer or marketplace
acceptance of the Company's new or existing products; comments
concerning marketing and consumer acceptance of proprietary
products; the potential benefits of Essential Innovations'
products; initiatives undertaken by the Essential Innovations'
divisions; the Company's research, manufacturing and facilities
expansion programs; and the Company's growth, revenue, or projected
earnings; all such statements which may or may not occur in the
future. These forward-looking statements are made as of the date of
this news release, and Essential Innovations Technology Corp.
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no absolute
assurance that such belief, plans, expectations or intentions will
prove to be completely accurate. Investors should consult all of
the information set forth herein and should also refer to the risk
factors disclosure outlined in our periodic reports filed from time
to time with the Securities and Exchange Commission. DATASOURCE:
Essential Innovations Technology Corp. CONTACT: Jason McDiarmid,
President & CEO of Essential Innovations Technology Corp.,
+1-360-392-3902, fax, +1-360-733-3941, Web site:
http://www.eitechcorp.com/
Copyright