Bibra Lake-based energy storage facilities manufacturer ZBB Energy Corporation has completed a further US$500,000 (A$658,000) of pre-IPO bridge funding in the United States.
Bibra Lake-based energy storage facilities manufacturer ZBB Energy Corporation completed a further US$500,000 (A$658,000) of pre-IPO bridge funding in the United States, with clients of Empire Financial Group subscribing for convertible notes being issued by ZBB.
This funding is part of the initial US$1.5 million (A$2 million) funding that ZBB previously announced and was approved by shareholders at a meeting on 1 February 2006.
ZBB Energy has also been recognised with the 2006 Frost & Sullivan Award for Technology Innovation of the Year in the large
capacity electricity storage market.
ZBB received this award for introducing an innovative zinc-bromine technology that offers a modular, environmental friendly, and cost-effective plug-and-play way to provide high volume reserve power during periods of peak electricity for utility, industry, and renewable energy applications.
"We are honored that Frost & Sullivan's industry experts distinguish our patented technology as forward-looking and support us as we established a greater presence in the United States," commented ZBB Energy Chief Executive Officer Robert Parry.
At market close, shares in ZBB were at 24.5 cents.
The full announcements are below:
ZBB completes additional US$500,000 financing
ZBB Energy Corporation (ASX: ZBB) today completed a further US$500,000 of pre-IPO
bridge funding in the United States, with clients of Empire Financial Group (Empire) who
have subscribed for Convertible Notes being issued by ZBB.
This funding is part of the initial US$1.5M funding that ZBB previously announced and that
was approved by shareholders at the meeting on 1 February 2006.
The Convertible Notes being issued may be converted at a discount to the final United States
IPO price, however they do not entitle the noteholder to receive any shares on subscription for
the notes, as originally contemplated and approved by Shareholders, but in substitution the
Convertible Notes now bear interest at 15% pa for the period up to conversion. The noteholders
may, at their discretion, elect not to convert into ZBB shares on the IPO, in which case they
will be repaid from the proceeds of the IPO and will receive 1 warrant (option) for every dollar
invested, exercisable at 120% of the IPO price at any time up to 24 months following their
issue.
The issue of any securities beyond ZBB's existing capacity in terms of Listing Rule 7.1 is
subject to shareholder approval, if necessary.
Recognition Received for Cutting-Edge Expertise in Large Capacity Electricity Storage
Milwaukee, Wisconsin -- May 4th, 2006 --ZBB Energy Corporation has been recognized
with the 2006 Frost & Sullivan Award for Technology Innovation of the Year in the large
capacity electricity storage market.
ZBB receives this award for introducing an innovative zinc-bromine technology that offers a
modular, environmental friendly, and cost-effective plug-and-play way to provide high volume
reserve power during periods of peak electricity for utility, industry, and renewable energy
applications.
"We are honored that Frost & Sullivan's Industry experts distinguish our patented technology
as forward-looking and support us as we established a greater presence in the United States,"
commented Robert Parry, Chief Executive Officer of ZBB Energy.
"In comparison with most rechargeable batteries where repeated cycling causes deterioration of
electrode material, ZBB's technology guarantees zero performance loss," highlights the Frost
& Sullivan Research Analyst Miriam Nagel. "In fact, in the fully discharged state, the zinc-
bromine battery can be left indefinitely."
Presently, ZBB Energy Corporation's intellectual property portfolio includes over 20 current
patents, patent applications, copyrights, and other intellectual property. The Company has
research and development offices in Western Australia and a state-of-the-art manufacturing
plant in Milwaukee, Wisconsin. Currently, ZBB is working with Department of Energy and
the State of California.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and
global markets for demonstrating outstanding achievement and superior performance in areas
such as leadership, technological innovation, customer service, and strategic product
development. This award is bestowed upon ZBB as a company that has carried out new
research, which has resulted in innovations that are expected to bring significant contributions
to the industry in terms of adoption, change, and competitive posture. This award recognizes
the quality and depth of the company's research and development program as well as the vision
and risk-taking that enabled it to undertake such an endeavor.
