Exhibit 99.1
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ECOtality Media: | ECOtality Investor Relations: |
Kim Setliff | Brandi Floberg or Kathy Price |
kimberly@antennagroup.com | ecotality@tpg-ir.com |
(415) 977.1942 | (212) 481.2050 |
ECOtality Raises $8.19 Million in Private Placement
SAN FRANCISCO – Thursday, June 13, 2013–ECOtality, Inc.(NASDAQ:ECTY), aleader in clean electric transportation, today announced that it has signed a definitiveSecurities Purchase Agreement (the “Agreement”) to raise approximately $8.19 million ingross proceeds in a private placement of 5,123,423 shares of Common Stock priced at$1.60 per share to certain institutional investors. Craig-Hallum Capital Group LLC actedas the sole placement agent for the offering. The offering is anticipated to close on orabout June 17, 2013, subject to customary closing conditions.
Proceeds from the private placement are expected to be used for general corporate andworking capital purposes.
Also pursuant to the Agreement, each Investor will receive a warrant (the “Warrant”) topurchase a number of shares of Common Stock equal to 50% of the total number ofshares of Common Stock purchased by such Investor at the closing of this offering. TheWarrant will be exercisable for a five-year period beginning six months after the date ofissuance. The exercise price of the Warrant will be $2.04.
This press release shall not constitute an offer to sell or the solicitation of an offer to buythese securities, nor shall there be any sale of these securities in any jurisdiction inwhich such offer, solicitation or sale would be unlawful prior to the registration orqualification under the securities laws of any such jurisdiction.
The securities sold in the private placement have not been registered under theSecurities Act of 1933, as amended, or state securities laws and may not be offered orsold in the United States absent registration with the Securities and ExchangeCommission (SEC) or an applicable exemption from such registration requirements. TheCompany has agreed to file a registration statement with the SEC registering the resaleof the shares of Common Stock.
About ECOtality, Inc.
ECOtality, Inc. is a leader in clean, electric transportation technologies. The Company operatesthree complementary lines of business: Blink, Minit-Charger and eTec Labs. ECOtality offerselectric vehicle charging stations under the Blink brand and provides a turnkey network operatingsystem for EV drivers, commercial businesses and utilities. Minit-Charger manufactures anddistributes fast-charging systems for material handling and airport ground support vehicles. eTec Labs is a trusted research and testing resource for governments, automotive OEMs and utilities.
For more information about ECOtality, Inc., please visitwww.ecotality.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, asamended. All forward-looking statements are inherently uncertain as they are based on currentexpectations and assumptions concerning future events or future performance of the company.Readers are cautioned not to place undue reliance on these forward-looking statements, whichare only predictions and speak only as of the date hereof. In evaluating such statements,prospective investors should review carefully various risks and uncertainties identified in thisrelease and matters set in the company's SEC filings. These risks and uncertainties could causethe Company's actual results to differ materially from those indicated in the forward-lookingstatements.
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