Dominovas Energy Announces Plan to Restructure and Consolidate Outstanding Debt
30 June 2016 - 10:30PM
InvestorsHub NewsWire
ATLANTA, GA -- Jun 30, 2016 -- InvestorsHub NewsWire
-- Dominovas Energy Corporation (OTCQB: DNRG) today announces the activation
of a plan targeted to restructure and eliminate the Company's
approximately $700,000 in convertible debt. As the Company
entered into an agreement with GHS Investments, LLC and it received
an effective notice for its S-1 filing in January of this year for
up to US $7.5M, its plan now is to utilize this vehicle for
operating capital and to reduce its convertible debt.
On November 12th, 2015, the Company closed agreements
with GHS Investments, LLC for the purchase of Dominovas Energy
shares which would allow the Company to receive up to
$7.5M. On January 11, 2016, the Company received its notice of
effectiveness for the S-1 Registration Statement from the
Securities and Exchange Commission that was filed late December of
2015. This plan represents a shift in the overall financing
strategy of Dominovas Energy, moving away from the utilization of
convertible debt as a sole source of financing.
As the Company draws down on its GHS Investment equity line and
has additional cash proceeds available, it plans to enter into
discussions with its convertible debt financing partners for the
potential repayment of the convertible notes with cash instead of
shares. The Company is also in discussions with GHS Investments
regarding long-term equity financing strategy that is not a
convertible debt structure. Dominovas Energy currently has no plans
to take on any new debt or operational capital in connection with
this restructuring plan.
"Dominovas Energy is one of the most prolific companies of its
kind in the fuel cell industry. It has best-in-class strategic
partners for the build and manufacturing of its RUBICON™ fuel cell
system; it has contract orders for multiple-Megawatts (MW); it has
project financing in place once requisite guarantees are set and in
place; the Company has what most Companies in the industry have
longed for - so we had to take a close look at what could be
depressing the stock price," said Dominovas Energy COO Michael
Watkins. "We came to the realization and belief that there is
simply too much pressure on the stock as a result of the existing
convertible debt; and with our new plan to eliminate said debt, we
hope to see representative growth for the Company. We have
changed our methods of financing and operating the Company with a
goal of increasing clarity and reporting of our operations and
providing a stronger vehicle for our shareholders," Watkins
concluded.
"With the successful presentation of the 50kW 'Showcase' set for
installation in Johannesburg, South Africa in August, the Company
will be well on its way for the eventual deployment of its
multi-Megawatts units in sub-Saharan Africa," said Watkins.
About Dominovas Energy Corporation (OTCQB:
DNRG)
Founded in 2005, Dominovas Energy Corporation (DEC) is a
publicly traded company, based in Nevada. With its operating
headquarters in Atlanta, Georgia, USA, Dominovas Energy Corporation
is a leading power solutions provider to emerging markets around
the world. DEC employs its proprietary RUBICON™ Solid Oxide
Fuel Cell (SOFC) technology for deployment in multi-megawatt power
generation units worldwide. The worldwide pursuit of clean and
efficient production of electricity via Solid Oxide Fuel Cell
technology inspired its founders to create an "energy solutions"
company. Recognizing that "green" and "alternative energy"
markets offer immense potential for growth, Dominovas Energy is
aggressively moving to allocate its intellectual and financial
capital forthwith, in order to strategically address a green energy
solution that is 100% reliable, efficient, and measurably cleaner
than GenSets and CCGT. Additionally, unlike wind and solar
solutions the RUBICON provides baseload power 24/7/365 days a
year. By manufacturing and deploying the RUBICON™ throughout
of the world, Dominovas Energy is committed to creating shareholder
value by not only generating guaranteed revenue streams, but also
by increasing the value of "human and community
capital." Devoted to core values by operating under the utmost
of honesty and integrity in all its business transactions,
Dominovas Energy is additionally dedicated to respecting the rights
of all individuals, while acknowledging and respecting all cultures
necessary to support the growth and development of the communities
and countries in which it operates. The Company strongly
believes in the impact this singularly advanced technology will
make on the world and is resolute in its mission to provide
electricity where and when economically viable.
For more information, visit www.dominovasenergy.com.
Forward-Looking Statements
This press release, as well as other statements made by
Dominovas Energy Corporation (the "Company"), contain
forward-looking statements that reflect, when made, the Company's
current views with respect to current events and financial
performance. Such forward-looking statements are subject to many
risks, uncertainties and factors relating to the Company's
operations and business environment, which may cause the actual
results of the Company to be materially different from any future
results. All statements that address future operating, financial or
business performance or the Company's strategies or expectations
are forward-looking statements. Factors that could cause actual
results to differ materially from these forward-looking statements
as is applicable would be discussed under captions as follows:
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's
filings as would be filed with the Securities and Exchange
Commission as required. New risks and uncertainties arise from time
to time, and it is impossible for us to predict these events or how
they may affect the Company. It should be remembered that the price
of the ordinary shares and any income from them can go down as well
as up. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events and/or otherwise, except as may be
required by law.
Media and Investor Contact:
QualityStocks
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.net
Investor Questions:
ir@dominovasenergy.com