Odyne Corporation (ODYC.OB) Completes Private Placement of Unregistered Shares
Odyne Corp., a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), announced that it has wrapped up a $7 million private placement to fund working capital requirements. The Quercus Trust, a lead investor in the private placement, partook in Odyne’s October 2007 convertible debenture financing. Odyne will utilize the net earnings of the financing for its working capital and capital expenditure requirements. Alan Tannenbaum, CEO of Odyne Corporation said, “This financing significantly enhances our working capital position and represents a major step forward in the execution of our business plan. We have…