AVEC Secures $5 Million Equity and Debt to Fund Growth of Green Energy Technology
Friday, Nov 18, 2011
DUBAI, United Arab Emirates, Nov. 17, 2011 /PRNewswire/ -- AVEC Corporation ("AVEC") (Pinksheets: AVEC.pk) (Frankfurt: BAE1) announced today it has secured a $5 million equity and debt financing provided by MENA Latin American Partners S.A.
$2.5 million is provided as a private placement at $1.00 per common share and is restricted for one year. $2.5 million is provided as convertible debt with a coupon rate of interest at 8% per year and may be converted at any time within 3 years at $3.00 per common share. In the event the debt holders do not convert they are entitled to a 140% return on the $2.5 m principal of the note.
Proceeds are to be used to fund the expansion of "Solar Sun Systems" and put into production the new energy related patented products the company has recently acquired.
Leticia Agundez and Jenifer Garcia have the joined the Board as part of this transaction and are joined on the Board by Samuel Higgins who is also CEO.
Ms. Agundez will serve on the Audit Committee as well as the Conduct Review and Ethics Committee.
Ms. Garcia will serve on the Compensation Committee.
This agreement is subject to a 60-day patent review of the companies IP pending or recently acquired and will provide a security interest to the lender to secure their investment.
If you would like know why AVEC is poised to be a market leader in "Green Energy, please email us at the address below and we will call you and send more information.
About AVEC Corporation AVEC Corporation (AVEC) is a global solutions provider that owns, develops, and invests in and licenses revolutionary market ready and profitable technologies, which are shown as vital for military, industrial and commercial uses in a wide variety of industries around the world.
About MENA Latin American Partners S.A.
Founded in 2005 MENA Latin American Partners S.A.
Is a leading private equity and venture capital firm focused on the global software, energy and medical services industries. MENA's team is composed of experienced investors and operating executives with more than 100 years of collective experience in these industries. The investing partners are citizens of Kingdom of Saudi Arabia, Qatar, Lebanon, UAE, Brazil and Argentina.
SOURCE AVEC Corporation