EuroSite Power Announces Substantial Reduction in Debt
Tuesday July 5th 2016
WALTHAM. Mass – July 5, 2016 – EuroSite Power Inc. (OTCQX: EUSP, the "Company"), an On-Site Utility solutions provider, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and leisure centers in the United Kingdom (UK) and Europe, is pleased to announce the near complete elimination of the company’s outstanding convertible debt via conversion to common equity.
Speaking about the debt conversion, Chief Executive Officer Dr. Elias Samaras noted, “When taken in conjunction with the $7.25 million raised via private placement last month and elimination of the $2 million related party note, this substantial reduction in our convertible debt is further demonstration of management’s commitment to balance sheet strength. Moving forward, EuroSite Power is now operating essentially unencumbered, a compelling position for both current and potential new shareholders.”
In total, 3,909,260 EuroSite Power common shares were issued at $0.54 per share in exchange for $2,100,000 in 4% Senior Convertible Debt principal as well as certain accrued and unpaid interest of which $1,800,000 was due in June 2017 and the remaining $300,000 due in June 2018. Following the completion of this conversion, just $300,000 in 4% Senior Convertible Debt, due June 14, 2017, remains outstanding.