(NOTE: OTEC is allegedly building a sea-water air conditioning system for downtown Honolulu.)
OCEAN THERMAL ENERGY CORPORATION COMPLETES REVERSE MERGER WITH PUBLIC SHELL COMPANY
Merger Provides Ocean Thermal Energy Corporation With Planned USD$8 Million Investment
LANCASTER, PA -- (Marketwired) -- 01/13/14 -- Ocean Thermal Energy Corporation (OTE), a leading developer of environmentally friendly and energy-saving Sea Water Air Conditioning (SWAC) and fossil-fuel free Ocean Thermal Energy Conversion (OTEC) systems, today announced that the Company has completed a reverse merger with a public shell company in the U.S.
OTE is finalizing the going public formalities and simultaneously, OTE is calling Warrants held by investors in the Company, valued at USD$8 million.
In making the announcement, Jeremy P. Feakins, the Company's Chief Executive Officer, noted OTE's successes with obtaining contracts and agreements for its sustainable technologies. "We are pleased with OTE's progress these past three years and the best is yet to come. The Company has adopted the reverse merger strategy as a proven successful alternative method of obtaining the financing we need while at the same time providing our investors with clear path to liquidity." Mr. Feakins continued: "For our customers around the world, OTE's technologies provide sustainable energy saving/energy producing resources. Sea Water Air Conditioning (SWAC) is a way to take advantage of the deep cold sea water to provide air-conditioning in an environmentally friendly way, offering our customers considerable energy savings when compared to traditional systems. Ocean Thermal Energy Conversion (OTEC) is a proven method of producing 24/7 electricity without the use of fossil fuels. An eager global marketplace exists for OTE technologies. Potential customers have asked us to provide them with Sea Water Air Conditioning and OTEC thermal electric power including supplying them with millions of gallons per day of desalinated water that can be produced as a by-product of our technology. Clearly, our technologies will provide sustainable benefits for millions of people worldwide."
About Ocean Thermal Energy Corporation
OTE is a global turnkey supplier of Sea Water Air Conditioning (SWAC) and Ocean Thermal Energy Conversion (OTEC) systems. OTE provides financing, design, construction and operation of SWAC and OTEC systems and has offices in Pennsylvania, Virginia, The Bahamas, Cayman Islands, US Virgin Islands, Hawaii and London, UK. OTE traces its roots back to 1988 and has a multidisciplinary team of experienced corporate executives, scientists and ocean engineers, together with strong strategic alliances with other corporations and financing institutions. For further information regarding OTE, visit the Company's website at http://www.otecorporation.com
This press release contains forward-looking statements that relate to Ocean Thermal Energy Corporation (OTE) plans, objectives and estimates within the meaning of the federal securities laws, including statements concerning financial projections, financing activities, product development activities and sales and licensing activities. Such forward-looking statements are not guarantees of future results or performance, are sometimes identified by words of condition such as "should," "could," "expects," "may," "plans," or "intends," and are subject to a number of risks and uncertainties, known and unknown, that could cause actual results to differ materially from those intended or anticipated. Such risks include, without limitation: problems securing the necessary financing to continue operations, problems encountered in commercializing OTE's technology, difficulties experienced in product development, roadblocks experienced in sales and marketing activities and longer than expected project development processes. To the extent permitted by applicable law, Ocean Thermal Energy Corporation makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement.
Background: Ocean Thermal Energy Corporation Announces $7,650,000 Equity Offering ($0.85/share) Under The New JOBS Act