Trulite, Inc. (OTCBB:TRUL) has received a $1.2 million investment from Standard Renewable Energy Group LLC (“SREG”). In this transaction, SREG received 2.4 million shares of Trulite common stock. This investment will be used to continue manufacturing the KH4 integrated fuel cell, to continue the commercialization process of the KH4 and for new product development. SREG also converted into Trulite common stock a total of $1,889,055 in principal and interest in loans that had been made to the Company between August 2006 and August 2007. With these transactions, SREG now owns 54.3% of Trulite.
“Standard Renewable Energy Group is very pleased with the progress Trulite has made in its commercialization process. With the development of the new KH4 integrated fuel cell and the introduction of the related hybrid products, we believe Trulite is well positioned to meet the needs of the markets for portable hydrogen fuel cells. For this reason, we are committing these additional resources to Trulite,” commented John White, CEO of Standard Renewable Energy Group LLC.
In addition, Contango Venture Capital Corporation, a wholly-owned subsidiary of Contango Oil & Gas Company (AMEX:MCF), converted into Trulite common stock a total of $1,356,540 in principal and interest in loans that had been made to the company between August 2006 and August 2007. Two other investors that had provided $500,000 in convertible loans to the company in June 2007 also agreed to convert their loans, including $31,441 of interest, as part of these transactions.
Over the past two months, management and several members of the Board of Directors have also participated in funding the company’s growth by participating in the bridge loan that closed in November 2007 and by exercising vested stock options to acquire common stock.
“We appreciate the confidence in Trulite’s business plan that is demonstrated by our investors making further commitments to Trulite. Trulite will continue to provide beta units of the KH4 that have been requested by customers and will also be able to move more quickly toward commercial manufacturing. In addition, we believe the capital structure that results from these transactions will be more conducive to attracting additional investment in the company,” commented Jonathan Godshall, CEO of Trulite, Inc.
About Trulite, Inc.
Trulite is engaged in developing and providing portable and semi-portable hybrid power generators, using integrated hydrogen fuel cells as the core technology, to markets that have applications for clean, reliable off-grid power. Trulite recently introduced its new KH4 integrated fuel cell, which uses dry sodium borohydride cartridges as the fuel source for this integrated fuel cell that can provide 150 watts of continuous power and 200 watts of peak power. With an advanced technology battery incorporated into the KH4, this product has applications in telecommunication, electronics (back-up power), construction, security, remote monitoring, recreation and other markets.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on a number of assumptions, including expectations regarding product performance and potential markets. Although Trulite believes these assumptions are reasonable, no assurance can be given that they will prove correct.
Contacts:
Jennefer Traeger, 720-988-6149
jennefertraeger@yahoo.com
