STWA Closes on $467,500 Bridge Financing
Company Is Positioned to Secure Its Next Round of Senior Funding to Bring Its ELEKTRA™ Product to Market
SANTA BARBARA, CA--(Marketwire - October 1, 2009) - Save The World Air, Inc. (
"Accelerating our business plan was predicated on the closing of our bridge financing," stated Mr. Cecil Bond Kyte, Chairman and CEO of Save The World Air, Inc. "We suffered delays associated with our bridge financing and are now in a position to move forward." Kyte continued, "Regardless of the delays associated with funding, management has been able to raise $467,500 of the bridge financing on its own, and will continue to do so. Management has also supplemented the bridge with other possible sources of funding which could materialize at any moment."
"It is also worth noting that executives have contributed approximately $30,000 of their own, unsecured dollars, to support the company in the past few months," added Kyte. "This was precluded by an investment by Dr. Luke Turgeon, who is leading ELEKTRA development for the company. A commitment of personal funds such as this, outside of management, is truly rare, and we believe a strong testament to the promise that our company and this technology holds."
Kyte continued, "Management is highly confident that there will be continued success in the pursuit of proper financing for the Company. We believe we have demonstrated our commitment and belief by making unsecured loans directly to the Company. In these tumultuous macro-economic times I can say with confidence that I would not be risking personal assets if I did not have a steadfast and unyielding commitment to this Company. STWA's current business plan was predicated on a $500,000 bridge to a senior raise of $2-3 million dollars." Kyte concluded, "The company is focused on bringing its core Elektra™ technology to market and achieving material revenues. This goal is our primary focus as we believe it the strongest route to increase shareholder value."
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.
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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 October 1, 2009