Glori Energy Completes Private Placements Totaling $15.8 Million
02 Mayo 2014 - 7:00AM
Glori Energy Inc. (Nasdaq:GLRI) ("Glori"), an energy technology
company, today announced that Infinity Group, Hicks Equity Partners
LLC and other investors have exercised their option to purchase an
additional 909,982 shares of Glori's common stock at $8 per share,
or approximately $7.3 million. Combined with the $8.5 million these
parties invested upon the closing of Glori's merger with Infinity
Cross Border Acquisition Corporation on April 14, 2014, Glori has
raised a total of $15.8 million through these private placements.
Stuart Page, CEO of Glori Energy, said: "These additional funds
show strong investor confidence in Glori. With this capital, we
will continue to execute on Glori's strategy of acquiring oil
producing properties to deploy and demonstrate the AERO
System."
This final phase of the private placement brings Glori's total
outstanding common shares to approximately 30.5 million shares.
ABOUT GLORI ENERGY INC.
Based in Houston, Texas, Glori Energy is a technology focused
energy company that applies its proprietary AERO™ System to oil
fields in order to increase the amount of oil that can be
economically recovered. Two-thirds of all oil discovered in a
typical reservoir is unrecoverable using conventional production
technology. Glori's microbial technology stimulates a reservoir's
native microorganisms to improve the recoverability of this trapped
oil. Glori provides its AERO System as a service to third party
E&P companies, and also uses its technology to increase oil
production in fields that it acquires and redevelops in the United
States. For more information visit: www.GloriEnergy.com.
ABOUT INFINITY GROUP
Infinity Group is a cross-border platform and private equity
fund known for its strong roots in China. Infinity Group currently
manages $800 million. It has 100 portfolio companies and 17 RMB
joint venture funds throughout China, making Infinity the owner of
more RMB funds than any other foreign PE fund in China. Infinity to
date has made 100 deals and 30 successful exits. Sectors of focus
include: medical, agricultural, water, energy and high end
manufacturing. Infinity is led by managing partners Mr. Amir Gal-Or
and Mr. Avishai Silvershatz. For more information, please visit
www.infinity-equity.com.
ABOUT HICKS EQUITY PARTNERS LLC
Hicks Equity Partners ("HEP") is the private equity arm for
Hicks Holdings LLC, a holding company for the Thomas O. Hicks
family's assets. With 35 years of private equity experience, Mr.
Hicks pioneered the "buy and build" strategy of investing and
founded Hicks Muse Tate & Furst, which raised more than $12
billion of private equity across six funds and completed over $50
billion of leveraged acquisitions. HEP looks for established
companies with proven track records, strong free cash flow
characteristics, a strong competitive industry position and an
experienced management team looking to partner with long-term
capital.
FORWARD LOOKING STATEMENTS
Any statements contained herein which are not statements of
historical fact may be deemed to be forward-looking statements,
including, without limitation, statements identified by or
containing words like "believes," "expects," "anticipates,"
"intends," "estimates," "projects," "potential," "target," "goal,"
"plans," "objective," "should", or similar expressions. All
statements by us regarding our possible or assumed future results
of our business, financial condition, liquidity, results of
operations, plans and objectives and similar matters are
forward-looking statements. Glori gives no assurances that the
assumptions upon which such forward-looking statements are based
will prove correct. Forward-looking statements are not guarantees
of future performance and involve risks, uncertainties and
assumptions (many of which are beyond our control), and are based
on information currently available to us. Actual results may differ
materially from those expressed herein due to many factors,
including, without limitation: the risk that any projections,
including earnings, revenues, expenses, margins, or any other
financial expectations are not realized; competition and
competitive factors in the markets in which Glori operates; the
expected cost of recovering oil using the AERO System, demand for
Glori's AERO System and expectations regarding future projects;
adaptability of the AERO System and development of additional
capabilities that will expand the types of oil fields to which
Glori can apply its technology; plans to acquire and develop
additional oil fields and the availability of debt and equity
financing to fund any such acquisitions; the percentage of the
world's reservoirs that are suitable for the AERO System; the
advantages of the AERO System compared to other enhanced oil
recovery methods; and Glori's ability to develop and maintain
positive relationships with its customers and prospective
customers. Although Glori believes that the expectations reflected
in such forward looking statements are reasonable, it can give no
assurances that such expectations will prove to be correct. These
risks are more fully discussed in Glori's filings with the
Securities and Exchange Commission. Glori undertakes no obligation
to update any forward-looking statements contained herein to
reflect events or circumstances, which arise after the date of this
document except as required by law.
CONTACT: Meredith Frazier
BIGfish Communications
(202) 609-7622
Glori@BIGfishMarket.com
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