Announces Intent to Transfer Listing to OTCQX
WALTHAM, Massachusetts, Dec. 17, 2015 /PRNewswire/ -- EuroSite Power™ Inc., (OTCQB: EUSP) an On-Site Utility™ solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centres in the United Kingdom (UK) and Europe is pleased to announce it has reached an agreement in principle with two European project financing partners, Macquarie Energy Leasing and Societe Generale Equipment Finance. The arrangements will enable EuroSite Power to target larger and more frequent installations of its On-Site Utility projects.
"These financing arrangements ensure that going forward, capital will be constrained only by project ROI, not by availability of funds," said Paul Hamblyn, Managing Director of EuroSite Power. "Any project that meets our required return hurdles, regardless of size and scope, may be pursued."
Speaking about the deals, Chief Executive Officer Dr. Elias Samaras noted, "The two new financing term sheets in conjunction with the previously announced terms for purchasing natural gas with Corona Energy mark major milestones on the path toward profitability. We now have in place a strong foundation for future growth. The decision of the two largest financing groups in Europe to fully support our operations demonstrates the confidence of our partners in our company."
In addition to the financing arrangements, the Company is in the process of applying to list on OTCQX U.S. Designed for investor-focused companies which meet high financial standards and are current in their disclosures, the OTCQX exchange allows institutional and retail investors to easily buy securities through the broker of their choice, facilitating increased share liquidity.
"EuroSite Power has been making excellent progress in executing on our business model and growth plans," said Dr. Samaras. "The transfer of EuroSite Power's listing to OTCQX will be a validation of our efforts and sends a strong signal to the investment community that we are committed to building a stable and liquid offering for shareholders."
EuroSite Power sells the energy produced from an onsite energy system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility solution customers only pay for the energy produced by the system and receive a guaranteed discount rate on the price of the energy. All system capital, installation, operating expenses and support are paid by EuroSite Power.
About EuroSite Power
EuroSite Power Limited is a subsidiary of American DG Energy Inc. (NYSE MKT: ADGE). The Company provides institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by conventional energy suppliers – without any capital or start-up costs to the energy user. More information can be found at www.eurositepower.co.uk.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.