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8-K - NACEL ENERGY CORP | v179202_8k.htm |
EXHIBIT 99.1
FOR
IMMEDIATE RELEASE
NACEL
Energy Secures Long Term Funding Agreement
PHOENIX,
AZ – March 30, 2010 – NACEL Energy Corporation (OTC BB: “NCEN”) (FRANKFURT:
“4FC”) today announced the signing of a definitive agreement with JMJ Financial
of San Diego, CA, providing for an aggregate $4.3 million in capital funding to
the Company over a period of years, in support of the continued development of
the Company’s various wind energy projects located in Texas and Arizona, and
other corporate requirements.
NACEL
Energy Chief Executive Officer Paul Turner, Ph.D. stated:
“The
closing of a long term funding agreement is a timely and welcome occurrence as
we finish our preparatory work leading to an expected formal RFP bid submission
this Spring for our 20 MW Snowflake Arizona wind power generation
project.”
On March
25, 2010, the Company executed and delivered, pursuant to a private placement, a
$300,000 Convertible Promissory Note in exchange for the investor’s execution
and delivery of a $300,000 Secured & Collateralized Promissory Note to the
Company. This is the first of a series of transactions between the Company and
the investor which may occur over the next several years, and which, if fully
funded, could provide the Company with funding aggregating up to $4.3
million.
The
Company cautions there are no assurances that any further transactions will
occur, or if further transactions do occur, the number which may occur is
uncertain and dependent on numerous factors including, without limitation, the
Company’s progress in developing its wind power generation projects, its
financial condition, the strength and volatility of the Company’s common stock
and other such factors.
The
complete transaction is more fully described on the Company’s Form 8-K filed
today and publicly available to all investors and interested parties at
www.sec.gov.
About NACEL Energy Corporation (OTC
BB: NCEN)
NACEL
Energy is one of the first publicly traded companies in America exclusively developing clean,
renewable, utility scale wind power. NACEL
Energy has commenced development work on its Snowflake project in Arizona
in addition to Leila Lake, Hedley Pointe, Swisher, Channing Flats and Blue
Creek, all located in the Texas Panhandle. NACEL Energy currently
anticipates generating an aggregate 130 MW, or more, of new wind
power upon their completion. NACEL Energy was founded in 2006 and
successfully completed its IPO in December of 2007.
EXHIBIT 99.1
For more
information visit our website www.nacelenergy.com
NACEL
Energy
The WIND POWER COMPANY
TM
Notice
regarding Forward-Looking Statements
Statements
in this press release relating to NACEL Energy’s plans, strategies, economic
performance and trends, projections of results of specific activities, and other
statements that are not descriptions or historical facts may be forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking information is subject to risks
and uncertainties, and actual results could differ materially from those
currently anticipated due to a number of factors, which include, but are not
limited to, risk factors inherent in NACEL Energy’s business. Forward-looking
statements may be identified by words such as “should,” ”may,” “will,”
“anticipate,” “expect,” “estimate,” “intend” or “continue,” or comparable words
or phrases. This press release cautions that NACEL Energy must undertake and
complete many steps in the development model before the generation of wind
energy can commence. Among the numerous items which have to be completed in this
regard include, without limitation, obtaining pertinent agreements and permits,
construction of project facilities, satisfying financial requirements and other
burdens. Interested persons are encouraged to read the SEC reports of NACEL
Energy, particularly its Annual Report on Form 10-K for the fiscal year ended
March 31, 2009 and its Quarterly Report on Form 10-Q for the quarter ended
December 31, 2009, for meaningful cautionary language disclosing why actual
results may vary materially from those anticipated by management.
Contact:
NACEL
Energy Shareholder Services
1-888-242-5848