Helix Wind Receives $100,000 From 'Third Note' of Financing
- Currently Negotiating Phase II Funding for Production and R&D
SAN DIEGO, May 25 /PRNewswire-FirstCall/ -- Helix Wind, Corp. (OTC Bulletin Board: HLXW), a global renewable energy company, announced today the receipt of the third tranche, totaling $100,000, in the continuation of financing from St. George Investments, LLC.
As previously announced on April 6, 2010, the company secured financing from St. George Investments, LLC amounting to a total of $599,500 in funding with the potential to execute four additional Convertible Secured Promissory Notes. The receipt of the third tranche was received by the Company on May 19, 2010 by executing the "Third Note." The remaining two additional notes with St. George are now anticipated to be executed over the next 60 days. Additional information can be found in Helix's Form 8-K, filed with the U.S. Securities and Exchange Commission on April 6, 2010.
After completing Phase I of the Companies operational plan, the Company is currently in negotiations with its funding partner to secure up to $1,000,000 of financing for Phase II which will provide the capital needed for additional production requirements to meet potential opportunities for purchase orders being negotiated with customers and distributors. In addition, this capital will fund the next round of research and development.
Scott Weinbrandt, Helix Wind's Chairman, CEO & President said, "We are pleased to have executed the Third Note which was part of the financing transaction with St. George Investments. This funding continues to provide sufficient capital to complete the initial Phase of our plan which included the audit, filing its Form 10K, its first quarter Form 10Q, and completing and filing the S-1 registration statement, while taking care of our customer base. We are confident from our discussions that we will close up to an additional $1,000,000 of financing in the near future with our funding partner to handle Phase II of the Company's plan. This will allow Helix to pursue the numerous growth opportunities which have been identified."
The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. As part of the terms of the private placement, Helix Wind is obligated to file a registration statement to register for resale under the Securities Act the shares of common stock issuable in connection with this private placement.
About Helix: Helix Wind, Corp., a global renewable energy company is engaged in the design, manufacturing and sales of small wind vertical axis turbines designed to generate 300W, 1kW, 2.0kW, and 4.5kW of clean, renewable electricity. Additional information can be found at www.helixwind.com.
Forward Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. These forward-looking statements involve a number of risks and uncertainties, including our ability to attract and retain management and field personnel with experience in the small wind turbine industry, our ability to raise capital when needed and on acceptable terms and conditions, our ability to secure any additional capital from St. George Investments or any other source, our ability to execute on our operational plan, the intensity of competition and general economic factors. The actual results Helix Wind may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Helix Wind encourages the public to read the information provided here in conjunction with its most recent filings, which may be viewed at www.sec.gov.
SOURCE Helix Wind, Corp.
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