GREENEVILLE, Tenn.--(EON: Enhanced Online News)--Hydrogen Engine Center, Inc., (HEC) a Nevada corporation, (OTC PK:HYEG) has entered another phase of financing with TINA Energy Systems S.L., a Spanish Sociedad Limitada, (TINA).
Effective November 30, 2016, HEC and TINA entered into a Stock Purchase Agreement pursuant to which TINA has purchased 1,153,846 shares at $0.26 per share for a purchase price of $300,000 and has agreed to purchase an additional 1,679,421 shares at $0.25 per share for a purchase price of $419,855.25 on or before February 28, 2017. Following the purchase of these additional shares, total financing available under this Stock Purchase Agreement will be $719,855.
November 30, 2016, HEC has issued 1,952,475 shares to TINA in exchange for TINA’s payment of expenses on behalf of HEC in the amount of $390,495. The shares were issued upon partial exercise of a Warrant to purchase up to 6 million shares at $0.20 per share. At the same time, TINA exercised the remainder of the Warrant to purchase 1,214,258 shares upon its cashless exercise rights under the Warrant.
As of the date of this release TINA holds a total of 17,203,715 shares, which number constitutes approximately 36% of the total shares outstanding. Pedro Blach is a director of HEC and is a principal of TINA.
Hydrogen Engine Center, Inc., and its subsidiary, HEC-TINA, Inc. develops systems and processes used in the design, manufacture and distribution of clean energy and carbon-free renewable hydrogen fuel systems including alternative fuel internal combustion engines, engine controls and generator systems. HEC-TINA technologies can provide 24 hours/day and 7 days a week energy to customers and partners in industrial and power generation markets. The hydrogen fuel source is produced by the application of electrolysis to water, using energy from any source of energy including wind, solar, hydroelectric, or fossil sources. These solutions and the engines using them are also designed to run on methanol, ammonia and other traditional renewable fuels. Engines and engine products are sold under the brand name Oxx PowerTM. Principal offices are located at 1621 Industrial Road, Unit B, Greeneville, TN 37745. Visit www.hydrogenenginecenter.com or in the US dial 423-278-2952 for more information.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, the failure of the Common Stock Purchase Agreement to close as anticipated, the ability of the Company to commence commercial operations after several years of minimal business activity, new products and technologies that may compete with those the Company plans to offer, the Company’s ability to hire and retain qualified employees, the Company’s dependence on third-party suppliers, the availability of capital and other risks.