Environmental Power Corporation (EPGRQ)

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Environmental Power: Auditor To Report Going Concern DoubtLast update: 3/11/2009 12:26:21 PMDOW JONES NEWSWIRES

Environmental Power Corp. (EPG) said Wednesday its auditor will report substantial doubt about the company's ability to continue as a going concern. The company must raise "substantial" outside capital "in the very near future to avoid curtailing or ending our business operations," it said in a filing with the Securities and Exchange Commission Environmental Power said it is "aggressively pursuing capital from a number of sources," and hopes to obtain the financing required by the end of the first half of 2009. Environmental Power included the disclosure in a prospectus for an offering of $5 million in convertible notes. The company said there can be no assurance that the necessary financing will be available on reasonable terms or in a timely fashion, particularly in the current economic environment, in which capital-raising activities are especially challenging. The amount of funds raised, the company said, will determine the level of development and construction activity it can pursue and whether it will be able to continue as a going concern. Shares of the Tarrytown, N.Y.-based developer, owner, and operator of renewable energy production facilities traded Wednesday morning at 48 cents, down 2 cents. -Brian Kalish; Dow Jones Newswires; 202-862-1350; [e-mail] (END) Dow Jones NewswiresMarch 11, 2009 12:26 ET (16:26 GMT)