Exergetic Energy, Inc. Receives Approval from FINRA to Begin Trading on the OTCBB
Company Seeks to Raise $10 million via Equity Line
DETROIT, Oct. 28, 2011 /PRNewswire/ -- Exergetic Energy, Inc. (EEI) (OTCBB: XNGR), an integrated energy supply company, announced that on October 26, 2011, FINRA approved its OTCBB application. Now, EEI will resubmit its S1 registration statement for the $10 million equity line (Press Release Issued 3/24/2011) that was initially negotiated through Auctus Private Equity Group, LLC in March of 2011.
"We are excited about achieving this key objective," stated Clarence B. McCollum, chairman and CEO of EEI. "Pursuant to the SEC's recommendation, EEI withdrew its S1 application to apply to OTCBB. It is very important to the company and our investors that we are listed on OTCBB and are moving forward with the S1 application." McCollum also said that by having access to the $10 million drawdown equity line, EEI will be able to underwrite the construction of a 1.5MW solar farm facility in Desoto County, Florida. EEI has also expressed interest in acquiring property in Detroit, Michigan, to develop a renewable energy power plant within the city. Additionally, in the Northwest region of the country, EEI is in discussions to develop two 20MW solar plants in the upcoming year to increase the use of solar energy in those areas and create construction and renewable energy jobs.
About Exergetic Energy, Inc.
Exergetic Energy, Inc. is a holistic energy supply company that is focused on reducing the Carbon Footprint of its customers. The company's strengths are core engineering and research within the renewable energy sector. With the acquisition of SSI, Exergetic Energy, Inc. is working on capitalizing on both the renewable and non-renewable energy supply business sectors. Located in Detroit's Tech Town, EEI develops, markets, and manufactures low cost components for energy systems, while providing clients with "Energy Solutions of Tomorrow, Today..."
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations include, but are not limited to revenues and earnings, technology efficacy, strategies, and plans are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact: Vanessa Newton
Senior Communications & Research Specialist
(313) 309-4169
440 Burroughs Street, Suite 386
Detroit, MI 48202
vanessa.newton@exergeticenergy.com
www.exergeticenergy.com
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Stuart T. Smith
512-267-2430
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SOURCE Exergetic Energy, Inc.
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