Cornell Capital Partners Provides a $22.3 Million Financing Package to the
Company
WILTON, Conn. Sept. 19 /PRNewswire-FirstCall/ -- Startech Environmental
Corporation (OTC Bulletin Board: STHK), a fully reporting company, announced
today that Cornell Capital Partners, L.P. has provided up to $20 million of
funding in the form of a Standby Equity Distribution Agreement (SEDA) to be
drawn down incrementally over a 24-month period at Startech's sole discretion.
In addition, Cornell purchased an aggregate of $2,300,000 of the Company's
fixed-price Secured Convertible Debentures as part of the financing.
Joseph F. Longo, Startech president, said, "We've been working closely
with Cornell through these past months. The Cornell team has skillfully
crafted a financing package whose sweep and flexibility is in harmony with our
manufacturing and marketing plans. Especially important to us is the fact
that the Cornell 'on-demand' SEDA financing will also now allow the Company to
secure certain long-lead inventory items in advance and thereby give our
customers faster delivery schedules."
David Andresen, vice president at Cornell Capital Partners, L.P., said, "I
am proud to enter into a long-term relationship with Startech. It is a
company with a great future. We look forward to helping the Company finance
its growth and expansion. There is a huge global demand for Startech's
systems and technology. Startech is revolutionizing the way materials,
previously regarded as wastes, are processed that is good for the planet, good
for the public health and safety and good for business. We want to be a part
of that future."
About Cornell Capital
Cornell Capital Partners, LP is a U.S.-based private equity fund. The
Fund is managed by Yorkville Advisors, LLC. The Fund is headquartered in New
Jersey, with offices in California, New York, North Carolina and London (UK).
Since inception in 2001, the Fund has made available in excess of $1.5 billion
to over 250 publicly traded corporations.
For further information, please visit: http://www.cornellcapital.com
About Startech Environmental Corp.
Startech is a Waste Industry company engaged in the production and sale of
its innovative, proprietary plasma processing equipment known as the Plasma
Converter System(TM). The Plasma Converter System safely and economically
destroys wastes, no matter how hazardous or lethal, and turns them into useful
and valuable products. In doing so, the System protects the environment and
helps to improve the public health and safety. The System achieves
closed-loop elemental recycling to safely and irreversibly destroy Municipal
Solid Waste, organics and inorganics, solids, liquids and gases, hazardous and
non-hazardous waste, industrial by-products and also items such as "e-waste,"
medical waste, chemical industry waste and other specialty wastes while
converting them into useful commodity products that can include metals,
surplus energy, methanol and also hydrogen for use and for sale.
Startech regards all wastes as valuable renewable resources. Plasma
Converters process, as feed stocks, materials previously regarded as wastes.
For further information, please visit http://www.startech.net.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its Plasma Converter technology. All
forward-looking statements are subject to risk and uncertainties that could
cause actual results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, failure of the
customer to obtain appropriate financing for the project, general risks
associated with product development, manufacturing, rapid technological change
and competition as well as other risks set forth in the Company's filings with
the Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or circumstances on
which any such statement is based.
SOURCE Startech Environmental Corp.
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Related links:
http://www.startech.net
http://www.cornellcapital.com
Company News On-Call:
http://www.prnewswire.com/comp/113537.html
CONTACT:
Steve Landa of Startech Environmental Corp.,
1-888-807-9443, +1-203-762-2499 ext. 148, sales@startech.net
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