CETY Prices a $650,000 Convertible Note at $0.06 Per Share
COSTA MESA, Calif., Dec. 28, 2021 (GLOBE NEWSWIRE) — 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 it has raised $650,000 from the sale of a convertible promissory note, maturing June 21, 2022, with a fixed conversion fix price of $0.06 per share, and interest of 2% interest per year.
CETY expects to utilize a portion of the funds to continue making balance sheet improvements and the remainder to support the expansion of its portfolio of biomass solutions, waste heat recovery products, and engineering design services which is expected to continue to improve sales next year. CETY begins 2022 with several projects and opportunities on the horizon and is building a foundation for rapid expected growth in 2022.
Chief Executive Officer of CETY Kam Mahdi said, “We are grateful for the trust our new investors have in CETY. This investment demonstrates our ability to access capital on reasonable terms which is a critical aspect of our growth strategy. This additional capital will foster our expansion into biomass, heat recovery solutions, and engineering services, which I believe will result in positive results in 2022. The pricing of this investment demonstrates our believe that we are undervalued at current market prices and our new investors’ faith in our aggressive plans for growth and profitability in 2022. I look forward to providing shareholders with updates and further progress in the New Year”.
About Clean Energy Technologies, Inc. (CETY)
Headquartered in Costa Mesa, California, Clean Energy Technologies (CETY) a low carbon energy company 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
SOURCE Clean Energy Technologies, Inc.