European Bank Invests $517,000 in BBJ Environmental Technologies Through Private Placement
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Tampa, October 28, 2002
BBJ Environmental Technologies, Inc. (OTCBB: BBJE.OB - news) is pleased to announce the completion of its recent financing. On October 23, 2002, the Company received $517,000 in cash through a private placement of our restricted Common Stock to an overseas bank. The Company sold 4,700,000 shares of our Common Stock at a cash purchase price of $.11. The investor in this private placement also received a Warrant to purchase 413,600 shares of our restricted Common Stock exercisable at $.30 per share, with an expiration date of October 31, 2004. Exemption is claimed for this offshore offering to a non-U.S. person under Regulation S of the Securities Act of 1933, as amended.
Robert Baker, Chairman of BBJ commented, "As reported in the Company's Form 10-QSB, for the quarter ending June 30, 2002, Management intended to cure its sustained losses through the full implementation of our new sales and marketing strategy and obtain alternative sources of financing for our short and long term needs. Management believes that the funds received from this financing together with funds anticipated to be received from operations will be sufficient to finance our current liquidity and capital resource needs. As we move forward, management believes that we can fully implement our business plan by doing the following: increasing sales through the further development of national and regional wholesale distributors, distributing our promotional materials, participating in trade shows/organization memberships, and completing current research, product development and studies currently underway."
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BBJ Environmental Solutions, Inc. develops, manufactures and markets products that eliminate air contamination in heating, ventilating, air-conditioning and refrigeration systems anywhere they are used (health care facilities, office buildings, residential homes, schools, governmental facilities, transportation vehicles, food plants, etc.). BBJ products are distributed and sold through private label partners and HVAC wholesalers and contractors across the U.S. All BBJ products are environmentally friendly, easy to use and biodegradable; and are registered with the Environmental Protection Agency, NSF International and/or the United States Patent Office. To learn more on how you can improve the healthfulness of your environment, safeguard yourself and your family from the hazards of indoor air pollution and enjoy the benefits from reduced energy bills, please find additional information at www.bbjenviro.com.
The statements contained in this press release that are not historical may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current views with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results to differ materially. These risks and uncertainties include: the Company's ability to market its products; the Company's ability to obtain additional funding; and the Company's ability to obtain regulatory approvals on new products. More information about these and other risks and uncertainties can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and the Company's Form 10-QSB for the quarter ended June 30, 2002, which is filed with the Securities Exchange Commission. The Company does not undertake to update forward-looking statements.
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