EcoSystem Closes $76 Million Equity Financing
Wednesday August 5, 2009, 8:58 am EDT
NEW YORK--(BUSINESS WIRE)--EcoSystem Corporation (OTC Bulletin Board: ESYM - News) today announced the closing of its pending $76 Million equity financing with five investment funds.
EcoSystem will use the investment proceeds to acquire distressed ethanol production facilities, to acquire other strategically-compatible assets, and to develop and integrate EcoSystem’s Cellulosic Corn™ technologies into EcoSystem’s planned ethanol production facilities. The funds will be held in a restricted EcoSystem account and be available for use according to the use of proceeds schedule and other conditions specified in the agreements.
EcoSystem’s goal is to achieve an annualized renewable fuel production rate of 500 million gallons per year within three years, and to demonstrate market leadership by using its technologies to refine more fuel out of corn for less cost on reduced energy consumption and carbon emitted.
Detailed information regarding this investment is available online at www.eco-system.com in EcoSystem’s July 30, 2009 and August 5, 2009 Current Reports on Form 8K.