Alterna Capital Partners Increases Investment in Midwest Energy Emissions Corp.
LEWIS CENTER, OH -- (Marketwired) -- 11/24/15 -- 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 a private equity fund managed by Alterna Capital Partners, a registered investment advisor located in Wilton, Connecticut, has increased its investment in ME2C which will assist the Company in managing its future growth in meeting the demands of growing client projects.
Alterna's recent investment of $600,000, with an additional $1,400,000 investment contemplated on or before June 30, 2016, follows an initial $10 million convertible debt investment made in August 2014 ($3 million of which was repaid in March 2015) and is part of a Senior Secured Convertible Note funding package as ME2C moves forward on sales and installation of its proprietary SEA™ Technology at power plants throughout North America.
"We believe Alterna Capital Partners is fully committed to the future of ME2C and we are very pleased to have them as a solid investment partner," said ME2C CEO Richard MacPherson. "Continued preparations for the expansion in sales to contracted customers in 2016, as well as our success in recent demonstrations have created a growing need for new equipment to meet the needs of our clients. This reinvestment allows us to accelerate our progress in obtaining significant market share in the mercury emissions control sector."
Samir Patel, Vice President of Alterna Capital Partners, stated, "We continue to be impressed with the work being performed by the ME2C team and this investment reflects our confidence in the Company's future growth. We continue to look forward to what we hope will be a long, mutually beneficial relationship."
A more complete explanation of the transaction can be found in the Company's Current Report on Form 8-K filed on November 20, 2015 with the SEC.
MacPherson concluded, "We truly believe we will have all the funding in place to successfully execute our business plan, including the investment spending this latest investment permits. We view Alterna's additional investment and support as an important continuing endorsement of our Company and our technologies, as well as key to advancing our vision to deliver leading-edge, cost-effective solutions for mercury emission control to utility boilers around the world. The ability to provide for any and all infrastructure requirements to install complete mercury capture systems to our new customers is very significant."
About Midwest Energy Emissions Corp. (ME 2 C)
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. In June 2015, the U.S. Supreme Court remanded MATS back to the U.S. Court of Appeals for the D.C. Circuit for further review, but left the rule in place. 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.
Chief Executive Officer
Midwest Energy Emissions Corp.
Source: Midwest Energy Emissions Corp.
Released November 24, 2015