SatCon Obtains Approximately $4,700,000 Financing From Exercise of Warrants
18 July 2007 - 11:25PM
Business Wire
SatCon Technology Corporation� (Nasdaq CM: SATC), a developer of
power management and system architecture solutions for the
alternative energy and distributed power markets today announced
that it has agreed to amend its existing Warrant B�s issued in
connection with its $12,000,000 secured convertible note financing
to reduce the exercise price from $1.68 to $1.31 per share and that
the note holders have all exercised such Warrant B�s. The Company
expects to obtain approximately $4,700,000 in new funds as a result
of such exercise. The Company will use the proceeds from the
financing for general corporate purposes, including working capital
for its business. About SatCon Technology Corporation SatCon
Technology Corporation is a developer and manufacturer of
electronics and generators/motors for the Renewable Energy,
Hybrid-Electric Vehicle, Grid Support, High Reliability Electronics
and Advanced Power Technology markets. For further information,
please visit the SatCon website at www.satcon.com. SATC-E
Statements made in this document that are not historical facts or
which apply prospectively are forward-looking statements that
involve risks and uncertainties. These forward-looking statements
are identified by the use of terms and phrases such as �will,�
�intends,� �believes,� �expects,� �plans,� �anticipates� and
similar expressions. Investors should not rely on forward looking
statements because they are subject to a variety of risks and
uncertainties and other factors that could cause actual results to
differ materially from the Company�s expectation. Additional
information concerning risk factors is contained from time to time
in the Company�s SEC filings. The Company expressly disclaims any
obligation to update the information contained in this release.
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