Companies )WWMUSA Enters into Definitive Agreements to Raise $8 Million |
| Published 27 January 2010 |
| Worldwide Energy and Manufacturing USA, Inc. today announced that the Company has entered into definitive agreements with institutional and accredited investors to raise funds in a private placement of restricted common stock and warrants, which will generate gross proceeds of approximately $8 million. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., acted as the exclusive placement agent for the transaction. The securities placed included approximately 1.7 million shares of common stock priced at $4.50 per share, and warrants to purchase approximately 1.7 million shares of Worldwide’s common stock at an exercise price of $5.65 per share for a period of five years. "This institutional financing is a significant event for Worldwide as we continue to grow and expand our PV solar sales and manufacturing facilities,” said Jimmy Wang, Chief Executive Officer of Worldwide. “We continue to expect our total megawatt shipments in 2010 to be at least 50% greater than what we have shipped in 2009, and we are very pleased with the strong demand we are seeing for our advanced, durable solar modules. This financing will allow us to accelerate our production schedules and increase capacity to meet the growing demand.” Worldwide expects to use the proceeds as working capital to fund the Company’s growth including the purchase of raw materials to fulfill an existing backlog of approximately $58 million in solar contracts. The Company will also purchase equipment for a soon-to-be-completed PV module factory in Nantong, China. On May 29, 2009, Worldwide’s Solar Division entered into an official agreement with the Department of Civil Engineering for the City of Nantong on construction plans for the new facility. In addition, the proceeds will assist in funding potential acquisitions. Additionally, certain executives of Worldwide, along with the Company, entered into a share escrow agreement whereby they will place an aggregate of approximately 1.7 million shares of Worldwide’s common stock into escrow, to be distributed to the investors on a pro-rata basis, if the Company does not achieve $4,000,000 in EBIDTA, as adjusted, for the fiscal year ending December 31, 2010. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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 or jurisdiction. |
| Source: WWMUSA |
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