DUBAI, UNITED ARAB EMIRATES -- (Marketwire) -- 05/05/11 -- AVEC Corporation ('AVEC') (PINKSHEETS: AVEC) (FRANKFURT: BAE1) announced today a private placement of its common stock for $750,000 USD. The offering consists of one share of common stock at $6.00 per share and 1/2 warrant to purchase another share at $8.00 per share within the next two years. The warrants are subject to an accelerated expiry if the shares trade at a closing price equal or superior to $9.00 for 20 consecutive trading sessions. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and were not offered or sold in the United States or to U.S. persons and could not be without registration or applicable exemption from the registration requirement of such Act.
Proceeds of the private placement will go to inventory expansion of 'Solar Sun Systems' and general working capital.
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About AVEC Corporation
AVEC Corporation (AVEC) is a global solutions provider that owns, develops, invests in and licenses revolutionary technologies including solar, wind and geothermal alternative energy systems. It also owns and licenses multi fuel internal combustion engines and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international green energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward- looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words 'believe,' 'expect,' 'anticipate,' 'project,' 'targets,' 'optimistic,' 'intend,' 'aim,' 'will' or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products, product defects and any related product recall; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors and risks mentioned in the 'Risk Factors' section of our Annual Report on Form 10-K for the year ended December 31, 2007 and any subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For further information, please contact:
Telephone: +9714 887 5351
Jebel Ali Free Zone
Dubai, United Arab Emirates