American DG Energy Completes Redemption of 8% Senior Convertible Debentures
WALTHAM, Mass., March 2 /PRNewswire-FirstCall/ -- American DG Energy Inc. (NYSE Amex: ADGE) a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and athletic facilities, today announced that it has completed the redemption of its outstanding 8% Senior Convertible Debentures due 2011 (the "Debentures").
The Company announced early redemption of its Debentures on February 9, 2010 in the aggregate principal amount of $5,320,000, and as of February 26, 2010, all investors elected to convert their outstanding principal amount into shares of Common Stock at $0.84 per share. All shares of Common Stock received upon conversion of Debentures (other than those held by affiliates of the Company) are freely tradable.
"We are delighted that all holders converted their Debentures into shares of Common Stock," said John N. Hatsopoulos, the Company's Chief Executive Officer. "This conversion results in the elimination of all indebtness of borrowed money from the balance sheet and eliminates approximately $425,600 of interest payments per year."
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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