SUTIMCo International, Inc. to Receive $645,000 from WildCap Energy
SANTA ANA, Calif., Sept. 28, 2011 /PRNewswire/ -- SUTIMCo International, Inc. (Pink Sheets: SUTI) is pleased to announce that the Company has received $645,000 from WildCap Energy. SUTIMCo's payment for the previously signed Venture Accelerator Agreement (VAA) was received in a combination of cash and stock.
SUTIMCo has already received cash payments of $145,000 since the signing of the VAA Agreement with WildCap Energy, which is valued at $2,790,000 over 3 Years. SUTIMCO is due to receive an additional payment of $500,000 in Common Stock at $.50 per share before September 30. Both parties agreed that equity was in their mutual best interest as payment because it would allow for further development of WildCap's Windmill Technology.
WildCap Energy recently received approval on its S-1 Registration Statement from the United States Securities and Exchange Commission (SEC). As a result, the Company expects to begin trading at $1.00 per share with an initial market capitalization of $10,600,000.
WildCap Energy's revolutionary wind turbine design was developed at the University of Arizona by Dr. Israel Wygnanski. The wind turbine is capable of producing 50 percent more energy at the cost of conventional wind turbines of the same power rating. According to reportlinker.com, the world market for turbines and related products is projected to increase 5.6 percent per year through 2010 to $135 billion. Growth will be driven by the wind turbine sector, which consistently exceeded industry growth estimates over the 2004 to 2009.
"This is a great way to close out the 3rd Quarter. We are looking forward to a strong Year End," stated Fred Rogers, Chairman of SUTIMCo International, Inc.
For more information on Wildcap Energy, please visit; http://www.wild-cap.com
For more information on SUTIMCo, its portfolio companies, and University partners, please visit; http://www.suti.com
About SUTIMCo International, Inc.:
SUTIMCo International, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. SUTIMCo International, through its wholly owned subsidiary SUTIMCo, Inc., provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, SUTIMCo can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Investor Relations
407-389-5900
SOURCE SUTIMCo International, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article