WorldWater & Solar Technologies Corp. (OTC BB: WWAT.OB), developer
and marketer of proprietary high-power solar systems, today announced
that it has raised $35.64 million from The Quercus Trust ("Quercus")
in a private placement of 20,000 shares of WorldWater Series F
Convertible Preferred Stock at a price of $1,782.00 per share. Each
share of the Series F Convertible Preferred Stock is convertible into
1,000 shares of WorldWater common stock. Quercus also received
warrants to purchase 29 million additional shares of common stock at
an exercise price of $1.815. Complete terms of the transaction will be
described in a Form 8-K to be filed with the Securities and Exchange
Commission.
"Thanks to the steadfast commitment of the Quercus Trust,
WorldWater now has the funds critical to drive future growth," said
Quentin T. Kelly, Chairman and CEO. "A portion of the financing will
be utilized to complete the construction of our 50 MW production plant
in Texas, which is vital to the many large awards we are now pursuing.
The funds will also be used to hire staff, support global expansion,
and bolster our R&D. WorldWater is clearly positioned for a strong
2008 and, with the acquisition of ENTECH now complete, ramping up to
meet the rapidly-developing demand for solar energy worldwide."
Prior to February 8, 2008, The Quercus Trust and its affiliates
owned shares of WorldWater common stock and preferred stock
convertible into shares of WorldWater common stock representing
approximately 11.5% of the equity ownership in the Company on a fully
diluted basis. With this agreement, the Quercus Trust and its
affiliates will own approximately 24.1% of the equity ownership in
WorldWater on a fully diluted basis.
About WorldWater & Solar Technologies
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. For
more information about WorldWater & Solar Technologies Corp., visit
the website at www.worldwater.com.
Forward Looking Statements:
Except for historical information contained herein, this document
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks and uncertainties that may cause the Company´s
actual results or outcomes to be materially different from those
anticipated and discussed herein. Further, the Company operates in
industries where securities values may be volatile and may be
influenced by regulatory and other factors beyond the Company´s
control. Other important factors that the Company believes might cause
such differences are discussed in the risk factors detailed in the
Company´s 10-KSB and its quarterly reports on Form 10-QSB both as
filed with the Securities and Exchange Commission, which include the
Company´s cash flow difficulties, dependence on significant customers,
and rapid development of technology, among other risks. In assessing
forward-looking statements contained herein, readers are urged to
carefully read all cautionary statements contained in the Company´s
filings with the Securities and Exchange Commission.
