American DG Energy and EuroSite Power Raise $2.1 Million for European Expansion
EuroSite Power Limited Formed in the United Kingdom
WALTHAM, Mass., Oct. 4 /PRNewswire/ -- American DG Energy Inc. (NYSE Amex: ADGE), a leading OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities in the US and EuroSite Power Inc., its European subsidiary, announced that they have raised together approximately $2.1 million for European expansion.
EuroSite Power sold to accredited investors approximately 1,691,000 shares of restricted Common Stock at $1.00 per share at an aggregate purchase price of $1,691,000. The proceeds of the private placement will be used to fund installations for EuroSite Power in Europe and for general corporate purposes.
In a separate transaction, American DG Energy entered into an agreement with an accredited investor on January 4, 2010, and received two hundred fifty thousand (250,000) British Pounds sterling to cover expenses incurred in connection with the investigation and research effort for the development of EuroSite Power.
"We are very excited to have raised our initial capital in such a short amount of time for EuroSite Power, our new subsidiary," said John Hatsopoulos, CEO of American DG Energy. "The European market should be very profitable because of the high cost of energy and the ability of our On-Site Utility systems to provide a cleaner environment for its citizens."
This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities -- without any capital or start-up costs to the energy user -- through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE American DG Energy Inc.
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