MIDLAND, Texas, Sept. 16 /PRNewswire/ -- STW Resources Holding Corp. ("STW Resources"), a water reclamation services company that expects to begin trading this month, today announced that on August 31, 2010, it closed a 12% convertible debt financing with institutional and other accredited investors. The Gross proceeds were $705,000.
The conditions, and rights of the lenders, are set forth in documents that are exhibits to STW's current report on Form 8-K, filed with the SEC contemporaneously with this press release. Viewpoint Securities, LLC served as the placement agent in this transaction.
Stanley Weiner, chief executive officer of STW Resources, said, "This financing provides the capital to execute the initial steps of our aggressive growth strategy, positioning us to target existing and emerging opportunities to deploy our water reclamation technologies, particularly related to cost-effective water solutions for oil and gas producers. This financing also demonstrates the confidence our investors have in the management and our strategy."
About STW Resources
STW Resources Holding Corp. is a water reclamation services company which provides customized, cost-effective water solutions for oil and gas producers, municipalities, and environmental remediation projects. STW's process assesses each customer's water reclamation needs and provides consultation and oversight on all project phases. As an independent solutions provider, STW utilizes technologies from various manufacturers with proven technology. STW deploys an owner/operator model in which the manufacturers will maintain and warranty the equipment. Our revenue model includes multiple water reclamation applications. Throughout our process the most efficient technology is implemented to obtain a profitable and financeable ROI on each project. STW's expanded growth model employs a joint venturing strategy with manufacturers, oilfield service companies, producers and other water reclamation companies.
SOURCE STW Resources Holding Corp.