Sustainable Energy to Issue 50,000, $10, 8% Convertible First Preferred Shares
to Increase Working Capital Reserves
CALGARY, ALBERTA -- (Marketwired) -- 04/02/13 -- Sustainable Energy
Technologies Ltd (TSX VENTURE:STG) ("Sustainable Energy" or the
"Company") announced today that it will issue 50,000 Units consisting
of One (1) $10, 8% 5 year Convertible First Preferred Share, Series
15 ("Preferred Shares") and 12, 1-year common share purchase warrants
("Warrants") to a private investor. The Preferred Shares are
convertible at the option of the holder into common shares of the
Company at a price of $0.12 per share. The Warrants entitle the
holder thereof to acquire one common share at a price of $0.12 per
The net proceeds of the issue will be used to increase working
capital reserves for operations.
Closing of the issue is subject to approval by the TSX Venture
Exchange, the approval of Doughty Hanson Technology Ventures and the
prior conversion by Doughty Hanson Technology Ventures of a $500,000
Convertible Debenture (News Releases: March 25, 2013; and March 15,
2013) into 50,000 $10, 8% 5 year Convertible First Preferred Shares,
Series 14 convertible into common shares of the Company at $0.105 per
Upon completion of the transactions, the Company will have 20,915,581
common shares and 1,126,587 First Preferred Shares, convertible into
17,106,649 common shares, issued and outstanding.
About Sustainable Energy:
Sustainable Energy (www.SustainableEnergy.com) designs and
manufactures intelligent power inverters for a wide arrange of
distributed generation and storage technologies. The inverters
incorporate patented breakthrough technologies which enable the
highest efficiency conversion of low voltage direct current inputs in
The Company's high efficiency battery inverter enables a direct
bi-directional connection of the battery to the power grid and the
load to deliver the highest round trip conversion efficiencies in the
industry with a simple highly reliable and low cost system topology
for grid interactive and off grid solar battery systems.
Forward Looking Information
The reader is advised that some of the information herein may
constitute forward-looking statements within the meaning assigned by
National Instruments 51-102 and other relevant securities
legislation. In particular, it includes: statements concerning
proposed financings, the market for energy storage in Europe and
elsewehere; and statements concerning its expectations of unit sales
over the next 30 months and While management believes these
statements to be accurate they are dependent on a wide range of
factors beyond management's control and should not be viewed as a
guarantee of the specific outcome. Forward-looking information is not
a guarantee of future performance and involves a number of risks and
Many factors could cause the Companies' actual results, performance
or achievements, or future events or developments, to differ
materially from those expressed or implied by the forward-looking
information. Readers are cautioned not to place undue reliance on
forward-looking information, which speaks only as of the date hereof.
The Companies do not undertake any obligation to release publicly any
revisions to forward- looking information contained herein to reflect
events or circumstances that occur after the date hereof or to
reflect the occurrence of unanticipated events, except as may be
required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Sustainable Energy Technologies Ltd.
Chief Executive Officer
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