Midwest Energy Emissions Corp. Announces Amendments with Junior Note Holders
LEWIS CENTER, OH / ACCESSWIRE / June 15, 2015 / Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), an emerging leader in mercury emissions control technology for the global coal-power industry, announced today that all holders of the Company's unsecured 12% Convertible Promissory Notes issued between April 2012 and January 2013 have agreed to extend the maturity dates of the Notes by 12 months from their original maturity dates together with other modifications. The Company reported that it began the process of seeking such amendments from such holders in April 2015. The Company also stated that approximately 1/3 of the principal outstanding as of March 31, 2015 has already been converted into shares of the Company.
Stated President and CEO Richard MacPherson, "Our ability to successfully reach agreement with 100% of the holders of these notes - most of which were originally set to mature during 2015 - demonstrates confidence and support from our early investor base. These notes, which were offered in 2012 and early 2013, had a total principal outstanding of approximately $3.4 million at March 31, 2015 which has now been reduced by over $1.0 million as a result of the recent conversions. We greatly appreciate the continued support of our investors as we focus on our growth initiatives of systems installations, procurement of new business, and entering into what we estimate to be a period of significant business development in the coming twelve months."
About Midwest Energy Emissions Corp. (ME2C) - Midwest Energy Emissions Corp. delivers patented and proprietary solutions to the global coal-power industry to remove mercury from their power plant emissions, providing performance guarantees and leading edge emissions services. The U.S. Environmental Protection Agency's (EPA) Mercury and Air Toxic Standards (MATS) rule requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 16, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, additional or new EPA regulations affecting coal-burning utilities, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Keith R. McGee
Sr. Vice President
Business Development & Investor Relations
Midwest Energy Emissions Corp.
SOURCE: Midwest Energy Emissions Corp.
Released June 15, 2015