International Fuels News
Wednesday September 28, 2005 8:00 AM Eastern Time
International Fuel Technology Receives $6,500,000 Through the Sale of Common Stock
ST. LOUIS – September 28, 2005 – International Fuel Technology Inc. (OTC BB: IFUE), a fuel science and research company, today announced that it has received $6,500,000 in cash from accredited investors in exchange for the issuance of 4,447,980 restricted shares of IFT common stock. IFT also granted certain registration rights to the investors and issued warrants to purchase up to an additional 1,111,995 shares of IFT common stock.
The Company accepted commitments for this capital raise from May 2005 through August of 2005 based on the market price of the stock at the time of commitment. All monies have been received. The $6,500,000 was raised without payment of fees to any third party.
Jonathan Burst, IFT’s CEO, said, “This investment is a significant step for our Company. We set out to raise $5 million and took in more due to the strong investor interest we received. The $6,500,000 represents approximately two years of funding for IFT and will help expedite our commercialization efforts. Based on the current progress we are making, it is unlikely that the Company will require any additional capital raise in the future. In addition, the cash on our balance sheet will allow us to contemplate alternatives to the over-the-counter bulletin board market.”
Gary Kirk, IFT’s Director of Sales and Marketing, said, “ I view this investment as a direct reflection of the substantial progress IFT has made in the commercialization of our technology and the development of our international distribution network. We expect our ongoing efforts in the U.S., Asia, Africa and Europe to begin generating meaningful revenue opportunities for the Company in the fourth quarter of this year.”
NOTE: Statements contained in this web site that are not strictly historical are forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the Company’s product both domestically and abroad, the Company’s ability to continue to develop its market, general economic conditions and other factors that may be more fully described in the Company’s literature and any periodic filing with the Securities and Exchange Commission.
