WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB), developer and marketer of proprietary high-power solar systems, today announced that it has closed the merger with ENTECH, Inc. of Keller, Texas.
According to a release the transaction was made possible through agreement with one of WorldWater’s largest investors, the Quercus Trust. Quercus exchanged 19.7 million of its common shares of WorldWater for 19,700 shares of convertible preferred stock and supplied WWAT with a $6 million bridge loan. The 19.7 million common shares and the bridge loan were subsequently utilized to complete the ENTECH merger.
Pursuant to the exchange agreement, once a shareholders meeting is held and additional common shares are authorized, a subsequent exchange with Quercus will be implemented. As a result, Quercus will receive 19.7 million common shares in exchange for the 19,700 shares of convertible preferred stock previously issued.
"The Quercus Trust, which has been an investor in our company since last spring, has demonstrated its strong commitment to both WorldWater and ENTECH by making this transaction possible on an expedited basis," said Quentin T. Kelly, Chairman and CEO.
Dr. Walter Hesse, CEO of ENTECH, commented, "This is terrific. Now ENTECH and WorldWater & Solar Technologies can proceed with the production of our 20x concentrator lines. Together with WorldWater, we will be able to supply ‘solar farms’ throughout the world with electricity production at costs and efficiencies that we believe change the current economics of solar power–making it affordable to millions."
About WorldWater & Solar Technologies Corp:
WorldWater & Solar Technologies Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that can not only generate and distribute electricity, but can drive 1000 horsepower motors and pumps from sunshine independently or in conjunction with the electric grid, providing solutions to a broad spectrum of the world’s electricity and water supply problems.
About ENTECH, Inc:
ENTECH provides advanced concentrator solar energy technology for a variety of applications, ranging from solar power arrays for spacecraft and terrestrial implementation to day lighting systems for commercial buildings. The company’s patented solar power systems produce electricity from sunlight for applications on Earth (terrestrial power) and in space (spacecraft power). ENTECH’s arched Fresnel lenses capture sunlight and focus it onto small solar cells, thereby reducing electricity costs compared to conventional flat-plate (planar) solar energy approaches. Additional information can be found at http://www.entechsolar.com.
Loading...