Open Energy Corporation (OTCBB: OEGY)
Open Energy Announces Effectiveness of SB-2 Registration
SOLANA BEACH, Calif.–(BUSINESS WIRE)–Open Energy Corporation (OTCBB:OEGY – News) announced that the registration statement on Form SB-2 it filed covering the recent investments by Cornell Capital and several private equity groups has been declared effective by the Securities and Exchange Commission. According to the terms of their original agreement, Cornell Capital has funded the final $3.5 million tranche of financing.
Open Energy’s CEO David Saltman said, “We are very pleased that the SEC deemed our registration statement effective as of October 27th, 2006. This additional capital enables us to further expand our production capacity and acquire the inventory we need to meet market demand for our products. We appreciate Cornell’s support and remain focused on strengthening Open Energy’s position in the solar market and on building value for our shareholders.”
Additional information with regard to this transaction and related transactions can be found in the Company’s Registration Statement on Form SB-2/A, as filed with the Securities and Exchange Commission on October 25, 2006, which can be viewed without charge on the Internet at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Open Energy
Open Energy Corporation (OTCBB:OEGY – News) focuses on the development and commercialization of renewable energy products and technologies for a wide range of applications including electrical and thermal power production, and water desalination. The Company pursues these objectives through technology innovation, acquisitions and strategic partnerships, and other business strategies. The Company’s mission is to enhance life by harnessing the power of the sun.
Safe Harbor for Forward Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, customer demand for it products, the Company’s ability to scale up manufacturing to meet demand, and other factors over which Open Energy Corporation has little or no control.
Contact:
Integrated Corporate Relations, Inc.
John Mills (Investor Relations), (800) 250-2610
jmills@icrinc.com
James McCusker (Media), 203-682-8245
jmccusker@icrinc.com
Source: Open Energy Corporation
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