MILWAUKEE, Sept. 5, 2018 /PRNewswire/ -- EnSync, Inc. (NYSE
American: ESNC), dba EnSync Energy Systems, the leading provider of
innovative distributed energy resources (DERs) and business models
for residential, commercial and utility installations, today
announced the entry into a Stock Purchase Agreement with certain
investors providing for the sale of 11,334,616 shares of the
Company's common stock on a fully subscribed basis for an aggregate
purchase price of approximately $2.9
million at a price per share of $0.26 (the "Registered Direct Offering").
Investors include members of the Company's board of directors who
are purchasing $600,000 of shares.
Network 1 Financial Securities, Inc., acted as the placement agent
for this offering.
The Company estimates that the net proceeds from the Registered
Direct Offering will total approximately $2.7 million, which will be used to fund the
development of distributed energy resource projects and for working
capital and general corporate purposes.
The closing of the sale of these shares is expected to take
place on or about September 6, 2018,
subject to customary closing conditions.
The shares of common stock to be sold in the Registered Direct
Offering are being offered by the Company pursuant to an effective
shelf registration statement on Form S-3, which was declared
effective on October 12, 2017 (File
No. 333-218935). The securities may be offered only by means of a
prospectus. Copies of the prospectus supplement and accompanying
base prospectus relating to this offering may be obtained at the
Securities and Exchange Commission's website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
state.
About EnSync Energy Systems
EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems,
is creating the future of electricity with innovative distributed
energy resource (DER) systems and internet of energy (IOE) control
platforms. EnSync Energy ensures the most cost-effective and
resilient electricity, delivered from an electrical infrastructure
that prioritizes the use of all available resources, such as
renewables, energy storage and the utility grid. As project
developer, EnSync Energy's distinctive engagement methodology
encompasses load analysis, system design consulting, and technical
and financial modeling to ensure energy systems are sized and
optimized to meet our customers' objectives for value and
performance. Proprietary direct current (DC) power control
hardware, energy management software, and extensive experience with
numerous energy storage technologies uniquely positions EnSync
Energy to deliver fully integrated systems that provide for
efficient design, procurement, commissioning, and ongoing
operation. EnSync Energy's IOE control platform adapts easily
to ever-changing generation and load variables, as well as changes
in utility prices and programs, ensuring the means to make or save
money behind-the-meter, while concurrently providing utilities the
opportunity to use DERs for an array of grid enhancing services. In
addition to direct system sales, EnSync Energy includes power
purchase agreements (PPAs) in its portfolio of offerings, which
enables electricity savings for customers and provides a stable
financial yield for investors. EnSync Energy is a global
corporation, with joint venture Meineng Energy in AnHui, China, and energy project development
subsidiary Holu Energy LLC in Hawaii. For more information, visit
www.ensync.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which
are based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect," "may,"
"will," "should," "could," "seek," "intend," "plan," "goal,"
"estimate," "anticipate" or other comparable terms. All
statements other than statements of historical facts included in
this press release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding the anticipated
closing of the offering, project completion timelines, our ability
to monetize our PPA assets, statements regarding the sufficiency of
our capital resources, expected operating losses, expected
revenues, expected expenses and our expectations concerning our
business strategy. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our historical and
anticipated future operation losses and our ability to continue as
a going concern; our ability to raise the necessary capital to fund
our operations and the risk of dilution to shareholders from
capital raising transactions; our ability to successfully
commercialize new products, including our EnSync Home Energy
System, MatrixTM Energy Management, DER FlexTM, DER SuperModule,
and AgileTM Hybrid Storage Systems; our ability to lower our costs
and increase our margins; our product, customer and geographic
concentration, and lack of revenue diversification; the length and
variability of our sales cycle; our dependence on governmental
mandates and the availability of rebates, tax credits and other
economic incentives related to alternative energy resources and the
regulatory treatment of third-party owned solar energy systems; and
the other risks and uncertainties described in the Risk Factors and
in Management's Discussion and Analysis of Financial Condition and
Results of Operations sections of our most recently filed Annual
Report on Form 10-K and our subsequently filed Quarterly Report(s)
on Form 10-Q. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
EnSync Energy Media Contact:
Lisa Nash
Antenna Group for EnSync Energy
ensync@antennagroup.com
646-883-4296
Michelle Montague
mmontague@ensync.com
(262) 735-5676
Investor Relations Contact:
Lytham Partners,
LLC
Robert Blum, Joseph Diaz, or Joe Dorame
(602) 889-9700
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SOURCE EnSync, Inc.