SCOTTSDALE, AZ--(Marketwired - Jun 27, 2013) - Echo Automotive, Inc. (
Per the agreement, Echo will receive $200,000 in funding through a five (5) year note with accrued interest at an annual rate of eight percent (8%). The agreement further states that Emerald will receive conversion features and warrant rights. The terms and conditions of the note are disclosed in the 8-K report that the Company filed with the SEC this week.
"The additional $200K from Emerald comes on the heels of our recently completed mezzanine funding of $3M and further strengthens our working capital position," stated Jason Plotke, Echo's Chairman and President. "It allows us to execute on our business plan and gear up operations for order fulfillment."
The Company stated that it continues to see positive response and increasing demand for its EchoDrive™ product. In preparation for order fulfillment in the coming year, Echo recently signed a lease for an additional 40,000 square feet of production space at its Anderson, Indiana facility.
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at: www.echoautomotive.com .
About Echo Automotive, Inc. (
Notice Regarding Forward-Looking Statements This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new technologies and development stage companies. These forward-looking statements are made as of the date of this news release and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current report on Form 8-K filed October 15, 2012, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
CONTACT: David Waldman/Natalya Rudman Crescendo Communications, LLC Tel: 212-671-1020 x304 Email: ECAU@crescendo-ir.com www.EchoAutomotive.com
