SAN DIEGO, May 25 /PRNewswire-FirstCall/ -- Helix Wind,
Corp. (OTC Bulletin Board: HLXW), a global renewable energy
company, announced today the receipt of the third tranche, totaling
$100,000, in the continuation of
financing from St. George Investments, LLC.
As previously announced on April 6,
2010, the company secured financing from St. George
Investments, LLC amounting to a total of $599,500 in funding with the potential to execute
four additional Convertible Secured Promissory Notes. The receipt
of the third tranche was received by the Company on May 19, 2010 by executing the "Third Note."
The remaining two additional notes with St. George are now
anticipated to be executed over the next 60 days. Additional
information can be found in Helix's Form 8-K, filed with the U.S.
Securities and Exchange Commission on April
6, 2010.
After completing Phase I of the Companies operational plan, the
Company is currently in negotiations with its funding partner to
secure up to $1,000,000 of financing
for Phase II which will provide the capital needed for additional
production requirements to meet potential opportunities for
purchase orders being negotiated with customers and distributors.
In addition, this capital will fund the next round of research and
development.
Scott Weinbrandt, Helix Wind's
Chairman, CEO & President said, "We are pleased to have
executed the Third Note which was part of the financing transaction
with St. George Investments. This funding continues to provide
sufficient capital to complete the initial Phase of our plan which
included the audit, filing its Form 10K, its first quarter Form
10Q, and completing and filing the S-1 registration statement,
while taking care of our customer base. We are confident from
our discussions that we will close up to an additional $1,000,000 of financing in the near future with
our funding partner to handle Phase II of the Company's plan. This
will allow Helix to pursue the numerous growth opportunities which
have been identified."
The securities offered and sold in the private placement have
not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the
United States absent registration or an applicable exemption
from the registration requirements of the Securities Act. As part
of the terms of the private placement, Helix Wind is obligated to
file a registration statement to register for resale under the
Securities Act the shares of common stock issuable in connection
with this private placement.
About Helix: Helix Wind, Corp., a global renewable energy
company is engaged in the design, manufacturing and sales of small
wind vertical axis turbines designed to generate 300W, 1kW, 2.0kW,
and 4.5kW of clean, renewable electricity. Additional information
can be found at www.helixwind.com.
Forward Looking Statements: A number of statements
contained in this press release are forward-looking statements
within the meaning of applicable federal securities laws,
including, without limitation, anything relating or referring to
future financial results and plans for future business development
activities, and are thus prospective. These forward-looking
statements involve a number of risks and uncertainties, including
our ability to attract and retain management and field personnel
with experience in the small wind turbine industry, our ability to
raise capital when needed and on acceptable terms and conditions,
our ability to secure any additional capital from St. George
Investments or any other source, our ability to execute on our
operational plan, the intensity of competition and general economic
factors. The actual results Helix Wind may achieve could differ
materially from any forward-looking statements due to such risks
and uncertainties. Helix Wind encourages the public to read the
information provided here in conjunction with its most recent
filings, which may be viewed at www.sec.gov.
SOURCE Helix Wind, Corp.