CarCharging Completes Capital Raise
Electric Vehicle Charging Service Owner, Operator, and Provider Will Focus on Bringing Financials Current and Releasing Next Generation EV Charging Equipment
MIAMI BEACH, Fla., July 30, 2015 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging"), the largest owner, operator, and provider of electric vehicle (EV) charging services, announced that it has closed an offering (the "Offering") and raised net proceeds of $830,000 with its largest institutional shareholder, Eventide Gilead Fund (NASDAQ: ETGLX, ETAGX, ETCGX, ETILX) ("Eventide"), a Boston-based Registered Investment Advisor.
The Offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00. The proceeds will be utilized to bring our financials current and to release the next generation of EV charging equipment.
"In 2015, we have focused our efforts on managing cash, enhancing operations, and investing in various technological initiatives to expand the features available on the Blink Network, the software that operates, monitors, and tracks the Blink stations and all of its charging data," said Michael D. Farkas, CarCharging's Founder and Chief Executive Officer. "Going forward, we will work diligently on bringing our financials up-to-date and to release our next generation of electric car charging hardware."
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares in CarCharging, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Car Charging Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Investor Relations and Media Contacts:
CarCharging Media Contact:
(305) 521-0200 x 214
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SOURCE Car Charging Group, Inc.
Released July 30, 2015