Eco Ventures Retains Investment Bank for $4 Million in Acquisition Financing and $15 Million Follow-On Firm Commitment Public Offering
GROVELAND, Fla., Sept. 12, 2012 /PRNewswire/ -- Eco Ventures Group, Inc. (OTCBB: EVGI), an emerging producer of diversified sustainable alternative energy, today announced that it has retained a leading New York-based investment banking firm to assist with sourcing capital in two financing agreements.
The investment banking firm was founded in 1925, is one of the oldest in the United States, a member of the New York Stock Exchange and a full service broker-dealer employing over 500 people. The firm manages two Morningstar rated funds with over $2.8 billion of retail accounts, nearly 100 registered representatives and 20 investment advisors in six offices.
Under the first agreement, Eco Ventures Group has retained the investment banking firm as its exclusive placement agent and financial advisor in connection with acquisition financing of up to $4 million. The Company must meet various terms and conditions, as are customary, and which it believes are reasonable and fully attainable.
The second agreement anticipates a public offering of $15 million on a firm commitment basis. That planned offering is contingent upon: the Company's successful acquisition of a majority stake in Energiepark Suptitz, GmbH (EPS), for which it recently announced signing a Definitive Agreement; the Company's qualification for up-listing to the Amex or Nasdaq stock exchange, (EPS reports US$32.4 million in tangible assets on its June 30 balance sheet); and various other customary conditions. Further details are provided in the Company's report on Form 8-K which will be filed with the SEC today.
Randall Lanham, Eco Ventures Group Chief Executive Officer, said, "After we had completed our due diligence on EPS, we later accompanied our investment bankers to Germany as they performed their own independent due diligence prior to committing to the transaction. They are consummate professionals, whose work is exhaustively thorough and first rate." Mr. Lanham added, "Engaging a prestigious New York Stock Exchange firm greatly strengthens our ability to accelerate growth both near and long term. Now, with Mark Cox, a career Wall Street executive who specialized in the alternative energy sector as our newly appointed president, I am confident we have assembled the right team to ensure successful implementation of our capital markets strategy."
About Eco Ventures Group, Inc.
Eco Ventures Group, Inc. ("EVGI") is acquiring and developing a family of ecologically friendly and economically sound businesses committed to providing for society's energy and renewable resource needs (www.ecoventuresgroup.com). The Company July 24 announced it had signed a definitive agreement to acquire a majority stake in Energiepark Suptitz, GmbH ("EPS"), an owner and operator of a diverse, profitable portfolio of alternative energy businesses.
Safe Harbor Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: EVGI encourages those interested in our Company to rely only on information included in our filings with the United States Securities and Exchange Commission which can be found at www.sec.gov. Statements released by Eco Ventures Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future to include all those of its intended acquisition of Energiepark Suptitz, GmbH. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Eco Ventures Group, Inc.
7432 E. Highway 50, Suite 101
Groveland FL 34736
Phone: (352) 557-4830
Tel: (561) 989-3600
SOURCE Eco Ventures Group, Inc.