Business Services Industry
ConectiSys Agrees to $15 Million in Financing
Business Wire, Feb 14, 2001
Business Editors
LOS ANGELES--(BUSINESS WIRE)--Feb. 14, 2001
ConectiSys Corp. (OTCBB: CNES) announced today that it has agreed to a fifteen million dollar ($15,000,000 USD) funding agreement with its Investment Bankers.
On February 1, 2001 after a one year evaluation of offers made to the Company by the Investment Banking community the Company and its Board of Directors have selected and agreed upon terms and conditions that are mutually beneficial to the Company and its shareholders.
Full disclosure of said funding will be released in the form of a SB-2 when submitted to the Securities and Exchange Commission on or before the end of the first quarter of this year.
In further news
The Company has also submitted a request for product development funding through the State of California's Energy Innovation Small Grant (EISG) and Public Interest Energy Research (PIER) programs. Approximately $62 million per year is collected from California's electricity ratepayers to support the PIER program. The California Energy Commission (CEC) manages these programs, which are dedicated to the development of new energy technologies and the management of existing energy resources.
Rodney W. Lighthipe, President of the company said, "The CEC recognizes the need for programs to support the early development of promising new energy technologies. ConectiSys is an excellent candidate for this funding because of its currently evolving AMR technology."
The company intends to hold its annual shareholder meeting at the same location as last year at One World Trade Center in Long Beach, California on April 27, 2001 at 10:00 AM PST.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subjects to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control including, but not limited to, market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company filings with the Securities & Exchange Commission.
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