Adama Technologies Corp., Enters into an LOI for a $7 Million Equity Purchase Agreement with Southridge Partners II
TEL AVIV, Israel, August 3, 2012 /PRNewswire/ --
Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company dedicated to the remediation of contaminated brownfields, today announced the Company has entered into a binding letter of intent ("LOI") with Southridge, LLC for a $7 Million USD equity purchase agreement or "EPA" to be finalized in a definitive agreement within a week.
"We are pleased to have secured this $7 million USD equity purchase agreement with Southridge, a financing source that will allow us more control and flexibility in capital raise," said Aviram Malik , CEO of Adama Technologies. "We are also pleased to announce the engagement of JSBarkats, PLLC as corporate and securities counsels and are indeed appreciative of the added value and exceptional quality of legal work provided by JSBarkats; without Sunny Barkats' assistance, contacts and creativity we would not have been able to secure this important source of capital," also stated Mr. Malik. Pursuant to the equity purchase agreement, Adama has the right, in its sole discretion, to sell to Southridge up to $7 million of its common stock at a small discount to market over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the equity purchase agreement to be finalized over the next week.
About Southridge, LLC
Southridge LLC is a diversified financial holding company offering a wide range of products and services, including Fund Management, Investment Banking, Merchant Banking, Wealth Management and Business Solutions. For more information please visit http://www.southridgellc.com.
About JSBarkats, PLLC
JSBarkats PLLC is a dynamic full-service law firm headquartered in the heart of New York specializing in Corporate, Capital Markets and Securities law. JSBarkats, principally represents both established and publicly traded emerging growth companies, both domestic and foreign, in a wide variety of industries. With 20 attorneys located in Alabama, New York, and Florida the firm's synergy between its strong securities and commercial litigation group and its experienced corporate securities team represents venture capital firms, start-ups, investment banking institutions, broker dealers, celebrities and high net worth individuals and other investors. http://www.JSBarkats.com
About Adama Technologies Corp.
Adama Technologies Corp. acquires, decontaminates and revitalizes brownfields using patented Molecular Bond Solution (MBS) Technology. To learn more about Adama Technologies and MBS Technology, please visit http://www.adama-tech.com.
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate reflected by our subsidiaries' operations include without limitations, growth in the energy sector and in the oil and gas service industry, increased levels of competition, new products and technology changes, and the market for pipes, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
Adama Technologies' public filings may be viewed at http://www.sec.gov.
Contact: Aviram Malik , CEO, Tel +972-54-494-3953, Aviram@adama-tech.com
SOURCE Adama Technologies Corporation
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