ECOtality Raises $8.19 Million in Private Placement
SAN FRANCISCO, June 13, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc.
(Nasdaq:ECTY), a leader in clean electric transportation, today announced that
it has signed a definitive Securities Purchase Agreement (the "Agreement") to
raise approximately $8.19 million in gross proceeds in a private placement of
5,123,423 shares of Common Stock priced at $1.60 per share to certain
institutional investors. Craig-Hallum Capital Group LLC acted as the sole
placement agent for the offering. The offering is anticipated to close on or
about June 17, 2013, subject to customary closing conditions.
Proceeds from the private placement are expected to be used for general
corporate and working capital purposes.
Also pursuant to the Agreement, each Investor will receive a warrant (the
"Warrant") to purchase a number of shares of Common Stock equal to 50% of the
total number of shares of Common Stock purchased by such Investor at the
closing of this offering. The Warrant will be exercisable for a five-year
period beginning six months after the date of issuance.The exercise price of
the Warrant will be $2.04.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the securities
laws of any such jurisdiction.
The securities sold in the private placement have not been registered under
the Securities Act of 1933, as amended, or state securities laws and may not
be offered or sold in the United States absent registration with the
Securities and Exchange Commission (SEC) or an applicable exemption from such
registration requirements. The Company has agreed to file a registration
statement with the SEC registering the resale of the shares of Common Stock.
About ECOtality, Inc.
ECOtality, Inc. is a leader in clean, electric transportation technologies.
The Company operates three complementary lines of business: Blink,
Minit-Charger and eTec Labs. ECOtality offers electric vehicle charging
stations under the Blink brand and provides a turnkey network operating system
for EV drivers, commercial businesses and utilities. Minit-Charger
manufactures and distributes fast-charging systems for material handling and
airport ground support vehicles. eTec Labs is a trusted research and testing
resource for governments, automotive OEMs and utilities. For more information
about ECOtality, Inc., please visit www.ecotality.com.
The ECOtality, Inc. logo is available at
Safe Harbor Statement
This 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. All forward-looking statements
are inherently uncertain as they are based on current expectations and
assumptions concerning future events or future performance of the company.
Readers are cautioned not to place undue reliance on these forward-looking
statements, which are only predictions and speak only as of the date hereof.
In evaluating such statements, prospective investors should review carefully
various risks and uncertainties identified in this release and matters set in
the company's SEC filings. These risks and uncertainties could cause the
Company's actual results to differ materially from those indicated in the
CONTACT: ECOtality Media:
ECOtality Investor Relations:
Brandi Floberg or Kathy Price
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