Concurrently Enacts Restructuring Actions to Lessen Funds Burn up
MIAMI Beach, Fla., Dec. 29, 2014 /PRNewswire/ — Vehicle Charging Group, Inc. (OTCQB: CCGI) (“CarCharging” or the “Company”), the biggest proprietor, operator, and supplier of electric vehicle (EV) charging providers, today announced that it has closed an offering (the “Providing”) and raised net proceeds of up to $ 6 million with present institutional shareholders. The Supplying consisted of convertible preferred securities with a conversion price of $ .70 and warrants exercisable at $ one.00.
Proceeds will be utilized to:
– Strengthen CarCharging’;s balance sheet
– Develop on the past year’;s progress and
– Give growth capital for expanding the Company’;s ne2rk.
2 million of the money had been disbursed at closing, with the remainder of the funds to be disbursed based mostly upon successful achievement of operating milestones above the subsequent 2 quarters.
The Firm also announced that it has undertaken certain restructuring actions to increase regular monthly cash flow, which includes initiatives that are expected to reduce common and administrative bills by much more than forty%. CarCharging has also employed a seasoned interim Chief Monetary Officer to support lead the Organization by way of its strategic plan towards profitability.
“This capital raise occurs as CarCharging prepares for further growth in 2015,” said Michael D. Farkas, CEO of CarCharging. “As we pursue each prime line development and a path to profitability, we intend to keep a rigid concentrate on managing money whilst investing in technologies and business development initiatives to handle the escalating want for quick, practical, and price-effective EV charging services. We believe that this transaction will support make certain our potential to capitalize on numerous opportunities to develop and even more enhance the Company’;s operations, which includes unlocking the value of our important products inventory. I personally want to thank our shareholders for their passion and persistence. The reality that the existing shareholders had been inclined to obtain securities with stock priced at a considerable premium to the recent market place is each encouraging and supportive of the management team’;s optimistic outlook for the company.”
This press release does not constitute an offer to promote or a solicitation of an offer to purchase shares in CarCharging, nor shall there be any supply, solicitation or sale of securities in any jurisdiction in which such provide, solicitation or sale would be unlawful.
About Car Charging Group, Inc.
Auto Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging solutions, enabling EV drivers to very easily recharge at areas throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA New York, NY and Phoenix, AZ CarCharging’;s business model is created to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Ne2rk, CarCharging also offers residential EV charging solutions for single-loved ones homes. For more details, please go to www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and industrial properties, parking garages, buying malls, retail parking, and municipalities.
For much more information about CarCharging, please pay a visit to www.CarCharging.com, www.facebook.com/Auto.Charging, or www.twitter.com/CarCharging.