Trulite (CE) (USOTC:TRUL)
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Trulite, Inc. (OTCBB:TRUL) has received a $1.2 million investment from
Standard Renewable Energy Group LLC (“SREG”).
In this transaction, SREG received 2.4 million shares of Trulite common
stock. This investment will be used to continue manufacturing the KH4
integrated fuel cell, to continue the commercialization process of the
KH4 and for new product development. SREG also converted into Trulite
common stock a total of $1,889,055 in principal and interest in loans
that had been made to the Company between August 2006 and August 2007.
With these transactions, SREG now owns 54.3% of Trulite.
“Standard Renewable Energy Group is very
pleased with the progress Trulite has made in its commercialization
process. With the development of the new KH4 integrated fuel cell and
the introduction of the related hybrid products, we believe Trulite is
well positioned to meet the needs of the markets for portable hydrogen
fuel cells. For this reason, we are committing these additional
resources to Trulite,” commented John White,
CEO of Standard Renewable Energy Group LLC.
In addition, Contango Venture Capital Corporation, a wholly-owned
subsidiary of Contango Oil & Gas Company (AMEX:MCF), converted into
Trulite common stock a total of $1,356,540 in principal and interest in
loans that had been made to the company between August 2006 and August
2007. Two other investors that had provided $500,000 in convertible
loans to the company in June 2007 also agreed to convert their loans,
including $31,441 of interest, as part of these transactions.
Over the past two months, management and several members of the Board of
Directors have also participated in funding the company’s
growth by participating in the bridge loan that closed in November 2007
and by exercising vested stock options to acquire common stock.
“We appreciate the confidence in Trulite’s
business plan that is demonstrated by our investors making further
commitments to Trulite. Trulite will continue to provide beta units of
the KH4 that have been requested by customers and will also be able to
move more quickly toward commercial manufacturing. In addition, we
believe the capital structure that results from these transactions will
be more conducive to attracting additional investment in the company,”
commented Jonathan Godshall, CEO of Trulite, Inc.
About Trulite, Inc.
Trulite is engaged in developing and providing portable and
semi-portable hybrid power generators, using integrated hydrogen fuel
cells as the core technology, to markets that have applications for
clean, reliable off-grid power. Trulite recently introduced its new KH4
integrated fuel cell, which uses dry sodium borohydride cartridges as
the fuel source for this integrated fuel cell that can provide 150 watts
of continuous power and 200 watts of peak power. With an advanced
technology battery incorporated into the KH4, this product has
applications in telecommunication, electronics (back-up power),
construction, security, remote monitoring, recreation and other markets.
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements are based on a number of assumptions,
including expectations regarding product performance and potential
markets. Although Trulite believes these assumptions are reasonable, no
assurance can be given that they will prove correct.