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Ecology Coatings, Inc. (OTC Bulletin Board: ECOC) (the "Company"), a leader in the development of patented nanotechnology-enabled, ultraviolet curable advanced materials, today announced that Equity 11, Ltd. has invested in Convertible Preferred Stock in the Company with the option to invest up to $5,000,000. The funds received from the Preferred Stock issuance will be used to retire certain short-term debt obligations of the Company and help develop and expand Ecology Coatings' sales, marketing, product development and materials production activities.
Equity 11 is a private equity firm focused on investment of growth capital into companies that have strong value propositions and scalable business models. Equity 11 is unique and allows for flexibility in stage and structure of investment. Equity 11's flexible and open approach creates a remarkable opportunity for both investors and entrepreneurs. Managing partner JB Smith stated, "We are very pleased to have been able to make this investment in a company with the growth and earnings potential of Ecology Coatings. Equity 11's investment focus has previously been in security-related companies. We came in contact with Ecology Coatings by way of one of our security companies and recognized what we believe is a once-in-a-lifetime technology. Thus, we decided to branch out our investment scope and support Ecology. We believe that Ecology's ultraviolet light-curable, cost-effective and environmentally-friendly coatings technology will revolutionize the industry."
Added Richard D. Stromback, chairman and chief executive officer of Ecology Coatings, "With this capital infusion, we will advance our efforts to successfully commercialize the potential of our patented nanotechnology-enabled, ultraviolet curable coatings and materials products. With the proceeds of this investment, Ecology will expand its sales and marketing capabilities, improve its research and development efforts and construct state-of-the-art product testing and production facilities. We are delighted to have entered into this important relationship with an investor with the prestige, experience and technological foresight of Equity 11. We look forward to working with JB Smith and his team."
Further details concerning the Preferred Stock investment by Equity 11 into Ecology Coatings can be found in a filing the Company made with the United States Securities and Exchange Commission on August 29, 2008.
About Ecology Coatings, Inc.
Ecology Coatings is the world leader in the patented development and manufacture of nanotechnology-enabled, ultra-violet curable, advanced materials that drive efficiencies and clean processes in manufacturing. Since its inception in 1990, the company has been singularly focused on the advancement of high-performance, energy-efficient, environmentally-sound coatings technologies. Today, Ecology Coatings’ independent status and reputation as a leader in coatings research has led many industry leaders to use Ecology as a testing ground for their products. This research has produced a line of proprietary, patent-pending, multi-functional coatings of superior performance, exhibiting a new set of properties that are suitable for a broad range of applications. The most important aspect of our technology is that these properties are achieved with a faster, more efficient process, and in an environmentally friendly manner.
Equity 11, Ltd. is a private equity firm focused on investment of growth capital into companies that have strong value propositions and scalable business models. To date, Equity 11’s investments have been primarily focused on companies providing Information and risk management services. Its portfolio includes: iSekurity, Stealth Holdings and RB&A, which collectively employ the largest collection of former federal law enforcement agents in the private sector. Equity 11 also has a special opportunities fund that focuses on emerging technologies in high-growth sectors such as cleantechnology. Based in Auburn Hills, Michigan, Equity 11 is committed to helping companies grow by infusing capital and leveraging the resources of its portfolio companies. Founded in 2007, its partners have over 100 years of combined experience in private equity investment. For information about Equity 11, please refer to www.equity11.com .
Safe Harbor Statement
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. General statements about the Company’s business strategy, plans, and objectives, as well as more detailed statements about further expansion into the nanotechnology-enabled, ultraviolet curable coatings and materials markets and the success of these endeavors, are specifically identified as forward-looking in nature. We urge you to consider that actual results, performance, or achievements could differ materially from these forward-looking statements. Factors that could cause or contribute to such material differences include: we are a developmental stage company, risks associated with developing nanotechnology, our history of operating losses and negative cash flow, attracting and retaining customers, competition from established coatings producers, creating and protecting our intellectual property, raising sufficient capital, attracting and retaining key personnel, our long sales cycle, our limited manufacturing capability and other factors as described in Item 1 of the Company’s annual 10-KSB filed with the United States Securities and Exchange Commission on December 21, 2007, and quarterly 10-QSBs and from time-to-time other filings with the Commission. Our forward-looking statements are made as of this date and we are under no obligation to update them.
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Ecology Coatings, Inc.
David W. Morgan
Vice President, Chief Financial Officer, and Treasurer
Equity 11, Ltd.
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