STWA Completes $1,186,875 Private Placement
Proceeds to Be Used to Fund Ongoing Development of Company's Proprietary, Patented Fuel-Saving Technology and Advanced Oil Technology (AOT™)
SANTA BARBARA, CA--(Marketwire - February 4, 2010) - Save the World Air, Inc. (
From October 2, 2009 through January 15, 2010, Save The World Air, Inc. (the "Company") issued and sold an aggregate of 63.525 units in a private placement, consisting of an aggregate of $1,588,125 of 7% Convertible Promissory Notes (the "Notes") and warrants to purchase an aggregate of 6,352,500 shares of common stock, for a per unit purchase price of $25,000. An aggregate of $401,250 of existing liabilities of the Company was converted into units in the private placement. Following such conversions, we received net proceeds from such closing of the private placement of $1,186,875. Details have been filed in an 8K, available at the Company's website (http://www.stwa.com), or at www.sec.gov.
"We are extremely pleased to have completed this offering," stated Mr. Cecil Bond Kyte, Chairman and CEO of Save The World Air, Inc. "We worked extremely hard on getting the best possible terms for our new and existing stakeholders. It is our goal to continue funding this Company on favorable terms that allow us to fully develop our technologies and market our products."
"Our team has made tremendous progress over the last six months. In the face of a very difficult financial environment we were able to prove to investors that STWA has a tremendous opportunity available to it," continued Mr. Kyte. "This money was raised solely by management through friends and family of the Company and its long terms supporters, which is a testament to the confidence our existing shareholders continue to have in STWA, its management and its technology."
The offering was made solely to "accredited investors," as that term is defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act"). The securities sold in the offering were not registered under the Securities Act, or the securities laws of any state, and were offered and sold in reliance on the exemption from registration afforded by Section 4(2) and Regulation D (Rule 506) under the Securities Act and corresponding provisions of state securities laws, which exempt transactions by an issuer not involving any public offering.
About Save The World Air, Inc.
Save The World Air, Inc. develops and licenses patented and patent pending flux field pollution control and performance improvement technologies, including the ELEKTRA, ZEFS and MKIV, which have been scientifically tested and proven to significantly reduce harmful exhaust emissions, improve performance and enhance fuel economy. The products have been engineered to serve as either stand alone pollution control systems or can be used (in conjunction with catalytic converters) to create a more effective total pollution control system that not only reduces harmful emissions, but also decreases greenhouse gases, improves fuel efficiency and boosts performance.
More information including a company Fact Sheet, logos and media articles are available at: http://www.irthcommunications.com/clients_ZERO.php, and at: http://www.magchargr.com.
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Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Released February 4, 2010