CETY Announces Principal Payment of $555,000 of Variable Convertible Debt
COSTA MESA, Calif., Feb. 23, 2021 /PRNewswire/ — Clean Energy Technologies, Inc. (OTCQB: CETY), a clean energy company focusing on products and solutions in the energy efficiency and environmental sustainability market, announced today CETY has completed the repayment of $555,000 in principal amount of its variable rate convertible debt. $168,000 was paid by conversion into common stock.
Kam Mahdi, Chief Executive Officer of CETY remarked, “Our improved financial condition and recent improvement in our stock price permitted the company to restructure its balance sheet to repay a substantial portion of our variable rate convertible debt and we plan to pay our final outstanding variable rate convertible note in the coming weeks. While we have found that variable rate convertible notes have provided the company with critical capital during difficult times, we believe we will be able to shift our capital structure to obtain less expensive and dilutive debt which should benefit the company and its stockholders. We believe we will continue to utilize debt to fund a portion of our projects which we expect to provide the fuel for our future growth, such as our expansion of our clean energy products into China.”
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) delivers power from heat and biomass with zero emission and low cost. CETY designs, produces and markets clean energy products & solutions focused on energy efficiency and renewable energy. The Company’s principal product is the Clean Cycle™ magnetic bearing heat recovery generator, offered by CETY’s subsidiary Clean Energy HRS, or Heat Recovery Solutions.
The Clean Cycle™ system captures waste heat from a variety of sources and turns it into electricity that can be used or sold back to the grid. CETY’s proven, reliable technology allows municipal, commercial, and industrial users with heat sources, such as from biomass, industrial processes or energy production, to boost their overall energy efficiency with no additional fuel, no pollutants, and little ongoing maintenance. CETY’s common stock is currently traded on the OTC Market under the symbol CETY.
This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO
Clean Energy Technologies, Inc.
2990 Redhill Avenue
Costa Mesa , CA 92626