ThermoEnergy Corporation announced that it has received $0.24 million in funding from Empire Capital Management, LLC and another investor.
June 23, 2014 at 12:00 am
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ThermoEnergy Corporation (OTCPK:TMEN) announced that it has entered into a loan agreement for gross proceeds of $240,000 on June 23, 2014. The company will issue 12% secured promissory note in the transaction. The transaction will include participation from existing lenders, Robert S. Trump for $120,000, Empire Capital Partners, L.P. for $52,800, Empire Capital Partners, Ltd for $31,200, and Empire Capital Partners Enhanced Master Fund, Ltd for $36,000. Empire Capital Partners, L.P., Empire Capital Partners, Ltd, and Empire Capital Partners Enhanced Master Fund, Ltd are funds managed by Empire Capital Management, LLC. The company may receive additional funds of up to $500,000 in the transaction on or before September 15, 2014. The notes will mature on September 15, 2014 and bears interest at the fixed rate of 12% per annum. In the event default, the interest on the notes will increase to 18% per annum. The principal amount and the interest on the notes are payable in one single installment on July 11, 2014 or on demand in the event of default. The notes may be prepaid, in whole or in part, without premium or penalty if all prepayments are made pro rata among all outstanding notes in proportion to their then-outstanding principal balances. The company will not pay any broker fee or commission in the transaction.
On June 23, 2014, ThermoEnergy Corporation closed the transaction.
ThermoEnergy Corporation is an integrated technologies company. The Company is engaged in the commercialization of advanced wastewater treatment systems and development of carbon reducing combustion technologies across the world. The Company specializes in custom-designed, turn-key solutions for a variety of clients in industries, such as oil and gas hydrofracking, metals and metal finishing, chemicals, food and beverage, aerospace, aircraft deicing fluid and glycol recovery. The Companyâs wastewater treatment systems are based on Controlled Atmosphere Separation Technology (CAST) platform. The Company's energy division is developing a new advanced power plant design, known as POXC Pressurized Oxy-Combustion Technology, that combusts coal and other fossil fuels to provide energy with near zero emissions.
THERMOENERGY CORPORATION 
