Mack Sanders, CEO of EVCARCO, stated, "We are pleased to have signed this funding agreement with Auctus, which provides the Company with future flexibility and will help us with dealership acquisitions, operations and general corporate use."
Nickolay Frolov, CFO of EVCARCO, remarked, "The Auctus Agreement requires the Company to file for fewer shares and should have a gradual effect on our share structure due to the 36 month term. The Company is also looking at several smaller debt financing packages from other firms and financiers to help leverage the Company's need for funding and growth."
There are no upper limits to the price Auctus may pay to purchase EVCARCO's common stock and the purchase price of the shares related to the $10 Million of future funding will be based on 93% of the lowest trade (closing) price during the pricing period as outlined in the Agreement. The Company will control the timing and amount of any sales of shares to Auctus. There are no financial or business covenants, restrictions on future funding, rights of first refusal, participation rights, penalties or liquidated damages in the purchase agreement. The Agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty.
A more detailed description of the Agreement is set forth in the Company's Current Report on Form 8-K recently filed with the SEC.
For more information on EVCARCO, Inc., please view: www.evcarco.com. Shareholder inquiries should be directed to (972) 571-1624.
EVCARCO, Inc. is the first automotive retail group dedicated to deploying a coast-to-coast network of environmentally friendly franchised dealerships and vehicles. EVCARCO is bringing to market the most advanced clean technologies available in plug-in electric, alternative fuel, and pre-owned hybrid vehicles. EVCARCO -- Future Driven®
This Press Release contains certain forward-looking statements that involve substantial risks and uncertainties, including, but not limited to, the results of ongoing clinical studies, economic conditions, product and technology development, production efficiencies, product demand, competitive products, competitive environment, successful testing and government regulatory issues. Additional risks are identified in the company's filings made with the Securities and Exchange Commission.
Contact:
Investor Relations Contact:
Jack Eversull
The Eversull Group, Inc.
972-571-1624
214-469-2361 fax
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Disclosure, Disclaimer/ EVCA is a paid advertising client on Investorideas.com and our renewable energy portals (500,000 144 shares).
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