Xzeres Wind Corporation announced today that on May 14 it completed an equity financing in the amount of $4,010,500 in a private placement of 4,010,500 shares ($1.00 per share) to a group of institutional investors and high net worth individuals.
In addition, each purchaser of our common stock also received warrants to purchase additional shares in an amount equal to 35% of the number of shares purchased by that investor, exercisable at $1.25 per share. The company plans to use these proceeds for sales and marketing, product enhancement, expansion of its assembly and test facilities and general working capital.
Based in Wilsonville, OR, Xzeres designs, develops and markets high technology small wind turbine systems for small businesses, farms, rural households, rural electric utilities, and telecommunication applications. The company is 100% focused on the "Small Wind" (defined as 2.5KW-100 KW) market. Current products include its 2.5 KW and 10 KW wind turbine systems. For more information please see the Company's web site at www.xzeres.com
According to David N. Baker, Xzeres Chairman, "We have founded, structured and, with the strong support of our stakeholders, funded Xzeres to capitalize on the global opportunities that exist in the Small Wind market. As great as the opportunities are for deployment of Small Wind turbine systems in the United States, we believe that the international opportunities are even greater." According to Baker, "The Company's goal and strategy is to leverage its proprietary technology, relentless sales and marketing effort and vigilant product support to provide the renewable energy market with the most power production efficient and durable small wind turbine systems and the best end-user customer experience."
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 and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in filings made by the company with the Securities and Exchange Commission.
