Solar Night Industries, Inc. Announces Conversion of Debt into Common Stock and Private Placement of Common Stock
Solar Night Industries, Inc. announced today that it has executed agreements with private investors to fully convert its existing senior secured convertible debt and related liabilities into shares of the company's common stock and the company raised additional proceeds from sale of its common stock to private investors.
St. Louis, MO (PRWEB) May 18, 2007 -- Solar Night Industries, Inc. (OTC:SLND.PK) announced today that it has executed agreements with private investors to fully convert the entire principal amount of $700,000 of existing 6% senior secured convertible debt (the “Debt”) and related liabilities into 11,000,000 shares of the Company’s common stock, and reduce the amount of warrants issued to the holders of the Debt from 10,600,000 to 6,000,000 warrants with certain adjustments to the warrants’ features. In addition, the Company raised $400,000 in gross proceeds from the sales of 4,000,000 shares of its common stock to certain private investors.
Jason Loyet, President, stated, “We are extremely pleased that the Company’s long term liabilities have been significantly reduced and that we have been able to secure participation of several investors via the private placement of our shares, thereby significantly increasing our shareholder base. In addition, this reduction of debt and new financing will allow the Company to continue in its mission to accelerate the adoption of modern energy solutions.”
About Solar Night Industries, Inc.
Solar Night Industries Inc. (OTC:SLND.PK) is an early stage, clean-energy company that enables residential and commercial energy users across the U.S. to implement cost-effective solar and wind solutions. These modern energy solutions help reduce dependence on traditional energy sources and, in turn reduce carbon emissions. Solar Nights Industries, Inc. is based in St. Louis, Missouri (USA). For more information, visit http://www.SolarNightIndustries.com
Media Contact
Solar Night Industries, Inc.
Molly Salinas
314-256-9833
Safe Harbor Statement
This press release contains forward-looking statements, which are made in reliance upon the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the statements expressed or implied herein due to a variety of factors including, but not limited to: the development of Solar Night Industries’ solar cell technology and solar solutions, ability to secure additional financing, the successful marketing and distribution of Solar Night Industries’ products, market acceptance of Solar Night Industries’ products and technology, competition and timing of projects and trends in the solar industry, as well as other factors. The forward looking statements contained herein are made only as of the date of this press release, and Solar Night Industries undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
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