Probe Manufacturing Raises $750,000 and Pays Off Its Loan Obligation to Far West Capital
Irvine, California, (December 3rd, 2013) Probe Manufacturing, Inc., (OTC QB : CETY), a global electronics design & manufacturing services company announced today that it has fulfilled its loan obligation to Far West Capital.
In light of the high level of interest expenses incurred in the six months ended June 30, 2013, we elected to raise an additional $750,000 in equity capital in order to pay off our line of credit with Far West Capital.
This initiative has significantly reduced our interest expense as well as enabling us to capitalize our business more effectively. This was a monumental undertaking for PMI, which many companies are not able to accomplish. We believe this will enhance our ability to attract additional capital to support our aggressive plans for growth and profitability in 2014 says John Bennett, our CFO.
About Probe Manufacturing, Inc.
Probe Manufacturing is a Global Electronics Design & Manufacturing Services Company providing Original Equipment Manufacturers with electronics manufacturing services through its domestic factories in the United States. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, alternative energy, and telecommunication industries since 1994. Probe’s common stock is traded on the OTC Market QB under the symbol CETY. Further information is available on Probe’s website: www.ceti.io.
* * *
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to whether Probe’s payoff to Far West Capital will be financially beneficial to the Company, whether it will enable us to capitalize the company more effectively, or enhance our ability to raise additional capital. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of our global business strategy; and other risk factors as outlined in the company’s periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Clean Energy Technologies, Inc.
Kam Mahdi, CEO