BLUE ASH, Ohio, Oct. 26, 2010 (GLOBE NEWSWIRE) -- AMP Holding Inc. (OTCBB:AMPD), a company engaged in the emission-free electrification of OEM vehicles, announced today the completion of a $2.9 million equity financing in a private placement transaction to a group of accredited investors.
The Company sold 7,256,000 shares of its common stock at $0.40 per share for gross proceeds to the Company of $2.9 million. John Carris Investments LLC acted as sole placement agent for the offering.
"The interest surrounding the electric vehicle market is growing rapidly, and a clear leader in the space has yet to be identified – I believe AMP is primed to address this void. Americans love their SUV's, and with AMP's unique technology we believe we are well-positioned to lead this segment. With this capital, AMP will be able to accelerate its strategic operating and growth plan," said Steve Burns, CEO of AMP.
The securities sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold absent such registration or an applicable exemption from the registration requirements. The Company intends to use the funds to fuel its entry into the electric vehicle market as well as to expand its operations.
About AMP Holding Inc.
AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies. Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project. AMP is currently electrifying the GM Chevrolet Equinox; its first models to all-electric were the GM Sky and the Pontiac Solstice. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP will be electrifying a wide range of OEM vehicles and SUVs, and expects to announce new model additions in 2010. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
To learn more, visit the AMP website at www.ampelectricvehicles.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.