VANCOUVER, BC -- (Marketwire) -- 05/26/10 -- Environmental Control Corporation ("EVCC") (OTCBB: EVCC) is pleased to announce that on May 18th, 2010 it completed a planned financing of $100,000 US through a series of Convertible Loan Agreements. Proceeds are to be used to further current business initiatives and to further evaluate a series of new opportunities that have surfaced.
One of the financiers in this recent set of convertible loans was none other than 51644 Newfoundland and Labrador Inc. -- a company controlled by EVCC's President and CEO, Albert Hickman. This is one of several financings put forward by Mr. Hickman and related companies, demonstrating his ongoing commitment and support to the company.
In speaking of this recent financing, Mr. Hickman noted: "This was an important step for the company moving forward. We are getting closer and closer to wrapping up those projects currently underway, with new potential opportunities now on the table. This funding will allow us to keep progressing with current projects, and further investigate new opportunities for our company."
The convertible loans bear interest at 10% per annum and are due 5 years from the advancement date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, future business developments.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the emissions control industry and its products and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and Environmental Control assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although Environmental Control believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.
Environmental Control Corporation