GLENDALE, Ariz., March 22, 2011 /PRNewswire/ -- PowerVerde, Inc. (OTC Bulletin Board: PWVI) today announced the completion of a private offering of 1,333,333 restricted shares of its common stock to certain accredited investors at $0.75 per share before placement fees and offering expenses. A three year $0.75 warrant was also included in the offering in the proportion of 1 common share equals 1 warrant. All of the shares were offered by the Company.
The Company anticipates using the net proceeds of the offering for general corporate purposes, including research and development expenses, completion of two prototype 50Kw waste heat renewable energy systems and the continual advancement of their business model to offer renewable electric power systems to end users worldwide.
Martinez-Ayme Securities acted as exclusive placement agent for the offering.
The securities described above were offered by the Company pursuant to regulation D and exempt from U.S. Securities and Exchange Commission registration.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any state or other jurisdiction.
About PowerVerde
PowerVerde, Inc. (OTC Bulletin Board: PWVI) manufactures advanced renewable electric power generator systems comprised of pressure expansion motors operating on any adequate heat or pressure source. These systems make electricity without fossil fuel--- from any low grade heat source or adequate pressure forum. PowerVerde is an environmentally friendly green company producing zero emissions or waste stream byproducts. For more information about PowerVerde, please visit our web-site www.PowerVerdeEnergy.com.
This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. Among others, these risks include the failure to meet schedule or performance requirements of the Company's contracts, the Company's liquidity position, the Company's ability to obtain new contracts, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.
Media Contact:
Rick Davis
786-412-7015
davis@martinezayme.com
SOURCE PowerVerde, Inc.
