ThermoEnergy and the Focus Fund Sign Commitment for $600,000 |
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By: ThermoEnergy Corporation Posted: 2009-08-01 05:59:06 |
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ThermoEnergy Corporation (Pink OTC Markets: TMEN) today announced the execution of a term sheet with the Focus Fund for up to $600,000 additional funding for the Company. The Focus Fund is a highly concentrated equity partnership that focuses on publicly-traded emerging growth companies. The Focus Fund is one of the Company's largest investors and its Managing Director, Mr. J. Winder Hughes, III recently joined ThermoEnergy's Board of Directors.
Under the terms of the additional funding, The Focus Fund will invest up to $600,000 in a Convertible Promissory Note (the "Note"), and has currently advanced $300,000 of the total. It is anticipated that this commitment will be converted into new securities upon the closing of an additional proposed funding of equity or convertible debt financing of at least $2,000,000. This additional funding is being negotiated with existing shareholders. About ThermoEnergy: Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. The wastewater treatment technologies are consolidated in a wholly-owned subsidiary, CASTion Corporation ("CASTion"). CASTion is a fast growing developer and manufacturer of innovative wastewater treatment and recovery systems for industrial and municipal clients, with large-scale systems operating in the U.S., Mexico, Canada and Japan. The systems are unique because they meet environmental regulations while providing a rapid return on investment by recovering and reusing expensive feedstocks, reducing contaminated wastewater discharge and reusing wastewater in process operations. CASTion's wastewater treatment systems have application in aerospace, food processing, metal finishing, refineries, manufacturing and municipal wastewater, which are assembled and shipped from a 20,000 square foot fabrication facility in Worcester, Massachusetts. The Company, headquartered in Little Rock, AR, has additional offices in Jacksonville, FL and New York, NY. Additional information on the Company and its technologies can be found on its website. |
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