DETROIT — Exergetic Energy Inc. (OTCBB: XNGR), an integrated energy supply company, announced that on Oct. 26, the federal Financial Industry Regulatory Authority had approved its application to trade stock on the Over The County Bulletin Board market.
Now, the company says it will resubmit its S1 registration statement for the $10 million equity line that was initially negotiated through Auctus Private Equity Group LLC in March.
“We are excited about achieving this key objective,” stated Clarence B. McCollum, chairman and CEO of EEI. “Pursuant to the SEC’s recommendation, EEI withdrew its S1 application to apply to OTCBB. It is very important to the company and our investors that we are listed on OTCBB and are moving forward with the S1 application.”
McCollum also said that by having access to the $10 million drawdown equity line, EEI will be able to underwrite the construction of a 1.5-megawatt solar farm facility in Desoto County, Florida. EEI has also expressed interest in acquiring property in Detroit to develop a renewable energy power plant within the city. Additionally, in the Northwest region of the country, EEI is in discussions to develop two 20-megawatt solar plants in the upcoming year to increase the use of solar energy in those areas and create construction and renewable energy jobs.
Located in Detroit’s Tech Town, EEI develops, markets, and manufactures low cost components for energy systems.
More at www.exergeticenergy.com.