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EPOD Closes $5 Million, Pre-IPO Private Placement
RENO, Nev., Feb. 27, 2008 - EPOD International Inc. (the "Company," "EPOD") (Pink Sheets:EPOI) (Frankfurt:EDU) announces that, following the completion of the reorganization, EPOD International's successor company, EPOD Solar, has closed a $5,000,000 pre-IPO private placement of units as part of its overall pre-IPO financing. Each unit consisted of $1,000 principal amount of debentures and 667 warrants at a price of $1,000 per unit. The Debentures have a three-year term, bear interest at 12% per annum and are convertible into common shares of EPOD Solar at a price of $1.50 if EPOD Solar completes an IPO by no later than May 12, 2009 or the lesser of $1.20 and a 10% discount to the last private placement price if such an IPO is not completed. The debentures are also subject to a 10% penalty if an IPO is not completed by May 12, 2009. The warrants have a term that expires one year following the closing of an IPO and are exercisable at $3.00 per share.
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About EPOD: EPOD is a Grid-Integrated, eco-power utility and electric power systems provider. The Company's operations include the engineering and construction of turn-key factories for solar panel production and material handling systems. Additionally, the Company has subsidiaries involved in the manufacturing of inverters, rectifiers, energy management systems, and solar panels.
For more information contact :
EPOD International Inc.
L. Mark Roseborough, President
(250)807-2211
Fax:(250)491-4279
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Source: EPOD International Inc.
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