WALTHAM, Mass., Dec. 2, 2010 /PRNewswire/ -- EuroSite Power Inc., an OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to healthcare, multifamily housing and hotel properties in Europe, has entered into definitive agreements to sell restricted common stock for aggregate proceeds of $535,000.
Pursuant to the agreements, the Company sold to three accredited investors 535,000 shares of restricted Common Stock at $1.00 per share at an aggregate purchase price of $535,000. The proceeds of the private placement will be used to fund installations for EuroSite Power in Europe and for general corporate and working capital purposes.
"Raising additional capital for EuroSite Power gives us increased confidence in the validity of the European market for our On-Site Utility," said John Hatsopoulos, Chairman of the Company. "This private placement brings the total equity raised to $2.2 million and with the additional two hundred fifty thousand (250,000) British Pounds sterling we received earlier in the year from an accredited investor to cover expenses incurred in connection with the investigation and research effort for the development of EuroSite Power, the total amount raised to-date is approximately $2.6 million."
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 EuroSite Power
EuroSite Power provides institutional, commercial and small industrial properties 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. EuroSite Power, formed to introduce the On-Site Utility solution into the European market, is a subsidiary of American DG Energy Inc. (NYSE Amex: ADGE) which is headquartered in Waltham, Massachusetts. More information can be found at www.eurositepower.co.uk.
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 EuroSite Power Inc.