MIAMI, April 2, 2019 /PRNewswire/ -- PowerVerde, Inc. OTCQB (PWVI), a Florida based energy systems developer (https://www.powerverdeinc.com/), announced today the closing of its $300,000 aggregate principle amount of Convertible Notes due 2021. The Notes will pay interest, semiannually, of 10% per annum and will mature December 31, 2021. The Notes will be convertible, at holder's election, into shares of company's common stock at $0.20 until December 31, 2019, $0.30 until December 31, 2020 and $0.40 until December 31, 2021.
PowerVerde (https://www.powerverdeinc.com/) believes the proceeds from this offering combined with scheduled purchase order "drawdowns" from the company's previously announced relationship with 374Water (https://www.374tech.com/), should finance the development of its supercritical water oxidation (SCWO) expander project currently underway.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Notes, the company's common stock or any other security.
About PowerVerde, Inc.
PowerVerde, Inc., is an energy systems developer (https://www.powerverdeinc.com/) focusing on energy efficiency and waste heat recovery using organic rankine cycle as well as its unique wet steam cycle technology. Leveraging its proprietary designs, technology and strategic alliances, PowerVerde expects to commercialize distributed power systems in the under 500 kWe class that preform at industry-leading levels.
Contact: Rick Davis, firstname.lastname@example.org
SOURCE PowerVerde, Inc.