NewsOCTOBER 28, 2005 - 16:48 ET
Sustainable Energy Technologies Ltd: First Preferred Shares Converted to Common Shares
CALGARY, ALBERTA--(CCNMatthews - Oct. 28, 2005) - Sustainable Energy Technologies Ltd (TSX VENTURE:STG) ("the Company") confirmed today that all its First Preferred Shares plus accrued dividends in kind to September 22, 2005 have been converted to common shares. A total of 7,246,675 common shares have been issued bringing the total number of common shares issued and outstanding to 59,347,315.
The First Preferred Shares were first issued in two series on May 24, 2002 and November 15, 2002 to provide needed working capital at the time, and were subsequently extended to October 15 2005. Under a further extension agreement the mandatory redemption date was extended to October 15, 2007 subject to a mandatory conversion if the Company's 10 day closing average price exceeded $0.30 per share
Based in Calgary, Alberta, Sustainable Energy (www.SustainableEnergy.com) is a global leader in developing and manufacturing intelligent power electronics products for alternative energy technologies.
Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.