Environmental Solutions Worldwide Inc. announced that it has received $5 million in funding from Black Family Partners LP, OCV Partners
June 26, 2013
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Environmental Solutions Worldwide Inc. (OTCPK:ESWW) announced a private placement of senior secured convertible promissory notes due March 22, 2018 for gross proceeds of $5,000,000 on March 22, 2013. The round will include participation from new investor Black Family Partners LP, existing investor Orchard Capital, John J. Hannan, and Richard Ressler. Each note entitles the holder to purchase one common share at $0.04 per share. The company will issue securities pursuant to exemption provided under Regulation D. The transaction is expected to close by March 22, 2014 or at any prior date agreed to by the parties. The notes bear a 10% interest payable semi-annually on March 31 and September 30 each year. The notes will mature on March 22, 2018. The notes shall not be issuable in denominations less than integral multiples of $10,000. The interest payment on the notes will commence on September 30, 2013.
The company shall pay all costs and expenses, including reasonable attorney's fees, which may be incurred by the investor. The company will not pay any brokerage commissions, finder's fees or similar payments in relation to the transaction.
On the same date, the company announced that it has received $1,400,000 in the first closing of the transaction.
On April 23, 2012, the company closed the second tranche of the transaction. The company received $1,600,000 in the second tranche.
On June 27, 2013, Environmental Solutions Worldwide Inc. closed the transaction. The transaction was fully subscribed. The company has received $2,000,000 in the final tranche of the transaction.
Environmental Solutions Worldwide, Inc. manufactures and markets a diverse line of catalytic emission conversion, emission control and emission support products and technologies for the transportation, construction, rail, marine, utility and other markets. These products are primarily designed for diesel engine applications, including medium and heavy-duty trucks, school buses, delivery vehicles, and garbage collection vehicles. In addition to land vehicles, its technology is used in marine engines. The Company sells its emission control products through a network of approximately 30 dealerships located throughout the United States, which is complemented by a team of seasoned emissions focused business development professionals, engineers and field technicians. It offers on-road diesel particulate filter (DPF) solutions, including ThermaCat-e DPF, LongMile-S DPF, Horizon DPF, Longview DPF and Vista DPF. Its off-road DPF products include ThermaCat DPF, Phoenix DPF and Skyline DPF.