ECOtality Closes $8.2 Million Private Placement
SAN FRANCISCO, June 19, 2013 (GLOBE NEWSWIRE) -- ECOtality, Inc.
(Nasdaq:ECTY), a leader in clean electric transportation, today announced that
it has closed its previously announced private placement of common stock and
warrants to certain institutional investors. Gross proceeds from the issuance
were $8.2 million and will be used for general corporate and working capital
"We are making good progress to advance our Blink Network and monetize our EV
solutions," said Ravi Brar, CEO of ECOtality. "This capital raise helps us
continue our operational momentum as we execute on our strategic initiatives
to expand our diversified business lines and continue to build our business."
The private placement resulted in the issuance of 5,123,423 shares of
ECOtality's common stock priced at $1.60 per share. In addition, each
participating investor received a warrant to purchase a number of shares of
ECOtality's common stock equal to 50% of the total number of shares of
ECOtality's common stock purchased by such investor at the closing of this
offering. The warrants will be exercisable for a five-year period beginning
six months after the date of issuance at an exercise price of $2.04.
ECOtality intends to file a Registration Statement covering the resale of the
common stock underlying the shares and warrants on or before July 18, 2013.
The securities offered and described above have not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements. The issuance of the securities in
the transaction described above will be effected without registration under
the Securities Act in reliance on Section 4(2) thereof or Rule 506 of
Regulation D thereunder based on the status of the Investors as accredited
investors as defined under the Securities Act, and such transaction will be
effected without using any form of general advertising or general solicitation
as such terms are used in Regulation D.
Craig-Hallum Capital Group LLC acted as the sole placement agent for the
About ECOtality, Inc.
ECOtality, Inc. is a leader in clean, electric transportation technologies.
The Company provides three primary product and service offerings: 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:
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