NACEL Energy Announces $2.8 Million Financing for Crownbutte Wind Power
June 09 2011 - 6:15AM
Marketwired
NACEL Energy Corporation (OTCQB: NCEN) (FRANKFURT: 4FC)
(PINKSHEETS: NCEN) ("NACEL" or the "Company") today confirmed its
principal financier, JMJ Financial of San Diego, California
("JMJ"), has agreed to terms and executed a series of Notes, which,
if fully exercised, will provide a total of $2.8 million in
financing for Crownbutte Wind Power Inc. (OTCQB: CBWP) (PINKSHEETS:
CBWP) (Crownbutte). In January 2011, NACEL acquired two blocks of
the common stock of Crownbutte and became its largest shareholder.
NACEL Energy Chief Executive Officer Mark
Schaftlein stated:
"Crownbutte has three wind power projects, which during the last
three to five years, have progressed through the development stage
and are now ready to be constructed this year, in 2011. Through May
31, 2011, NACEL has invested a total of $111,687 in Crownbutte,
providing essential operating capital to Crownbutte for the ongoing
development of these projects and other corporate requirements. In
addition, a total of $268,000 of Crownbutte debt has been
restructured or settled. Securing this long term financing
arrangement with JMJ is an important milestone for Crownbutte. It
provides a foundation from which Crownbutte can execute upon its
business plan of building, owning and operating a portfolio of
utility scale wind parks across North Dakota, South Dakota and
Montana and thereby should also serve to enhance NACEL's, and all
other shareholders', investment in Crownbutte."
Last week, Crownbutte exercised and delivered a $330,000
Promissory Note in exchange for JMJ's delivery of a $300,000
Secured and Convertible Promissory Note, being the first of the
aforementioned series of Notes together totalling $2.8 million in
financing. There are no assurances such future financing
transactions will occur. In addition, while efforts are diligently
underway to secure the turbine financing needed for Crownbutte's
wind parks to be built, there are no assurances these efforts will
be successful. There are many risks and uncertainties related to
the wind power business, which are more fully described in NACEL's
and Crownbutte's SEC filings available at www.sec.gov.
About NACEL Energy Corporation (OTCQB:
NCEN)
NACEL is one of the first publicly traded companies in America
exclusively developing clean, renewable, utility scale wind energy.
The Company currently anticipates generating an aggregate 300
megawatts of new wind power upon the commissioning of the Gascoyne
II project in North Dakota, together with the Company's Leila Lake,
Hedley Pointe, Swisher, Channing Flats and Blue Creek, all located
in the Texas Panhandle. NACEL was founded in 2006 and successfully
completed its IPO in December of 2007. NACEL is also the largest
shareholder of Crownbutte Wind Power Inc. (OTCQB: CBWP) of Mandan,
ND.
NACEL Energy The WIND POWER COMPANY™
Notice regarding Forward-Looking Statements
Statements in this press release relating to NACEL Energy's
plans, strategies, economic performance and trends, projections of
results of specific activities, and other statements that are not
descriptions or historical facts may be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward-looking information
is subject to risks and uncertainties, and actual results could
differ materially from those currently anticipated due to a number
of factors, which include, but are not limited to, risk factors
inherent in NACEL Energy's business. Forward-looking statements may
be identified by words such as "should," "may," "will,"
"anticipate," "expect," "estimate," "intend" or "continue," or
comparable words or phrases. Interested persons are encouraged to
read NACEL Energy's Securities and Exchange Commission filings,
particularly its Annual Report on Form 10-K for the fiscal year
ended March 31, 2010 and its Quarterly Report on Form 10-Q for the
quarter ended December 31, 2010, for meaningful cautionary language
disclosing why actual results may vary materially from those
anticipated by management.
Contact: NACEL Energy Investor Relations 1-888-242-5848
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