PALM SPRINGS, Calif., May 21, 2014 (GLOBE NEWSWIRE) -- Solaris Power Cells, Inc., the creators of the Solaris SMART-CELLTM "Passive Electron Storage Array" ™, (the "Company") (OTCQB:SPCL) (Germany WKN:A1W9W5), is pleased to announce today that it has closed a private placement round raising gross proceeds of $400,000 via the issuance of units each priced at $0.30 and each comprising one restricted 144 share and one stock purchase warrant. Each warrant will entitle the holder to purchase an additional share at an exercise price of $0.40 for a period of three years. This follows a $100,000 financing on the same terms that closed in December, 2013.
Use of the proceeds from this capital infusion will further support the myriad of activities the company currently has in the pipeline including continued research and development of our Solaris Golf Cars, Solaris Agricultural off Grid Grow System, Solaris Vapor Mod e-cigarette power cells and our short term working capital purposes.
"We have carefully put the resources in place to carry out our plans and this investment will only accelerate our go to market strategies as we continue to move forward," states Lenny Caprino, Solaris Power Cells President.
ABOUT SOLARIS
Solaris Power Cells, Inc. (OTCQB:SPCL) is a diversified "green" energy storage manufacturer offering residential and commercial users turnkey, renewable energy storage solutions. Solaris manufactures the Solaris Power Cells™ for limited use electric vehicles such as golf cars. The Solaris Smart-Cell is a 100% lead-free, solid-state storage solution that makes renewable energy greener and better by allowing applications to utilize more of the energy generated. Solaris Power Cells provides a PCBA (printed circuit board assembly) energy storage solution. The Solaris Power Cell™ is capable of providing energy storage to applications normally reliant and equipped with highly toxic lead acid, nickel metal hydride or lithium-ion batteries. Solaris also plans on being a major player in the billion dollar global agricultural sector.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Forward-looking statements in this release include that we have the financial resources to carry out our business plan, we are about to manufacture our products, we can compete in the energy storage business, and our products will provide an energy storage solution to industry. The Company's products involve detailed proprietary and engineering knowledge and specific customer adoption criteria, hence factors that could cause actual results to be materially different include that we may be unsuccessful in raising any additional capital needs that may arise; we may not have sufficient capital to develop, produce and deliver orders; orders that are placed may be cancelled; product may not perform as well as expected; markets may not develop as quickly as anticipated or at all; or that the productive capacity of the company may not be large enough to handle market demand. Further, we are reliant on certain key employees who may leave the Company and we may be unable to protect or defend our intellectual property. Investors are cautioned against placing undue reliance on forward-looking statements. Refer to all public filings and risk factors included in the 8-K, 10-Q and 10-K as filed with the SEC.