LANCASTER, Pa., Oct. 1, 2014 (GLOBE NEWSWIRE) -- Ocean Thermal Energy Corporation (OTE) (GXG:OTEC) (ISIN: SE0006028023, CUSIP: 675100101), a turnkey supplier of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) Systems worldwide, today gives notice to the holders of the Company's Class 'C' Warrants that it is exercising its right to call the 2,000,000 shares purchasable upon exercise of the Warrants, effective Wednesday, October 1, 2014.
Pursuant to this notice, within 30 days of the call date (or, October 31, 2014), holders of the Warrants must exercise their Warrants to avoid having their rights to exercise eliminated. The Warrants are exercisable at a price of $0.75 per Warrant share, with an aggregate purchase price on exercise of all Warrants equal to $1,500,000.
THE EXERCISE OF THE WARRANTS IS CONDITIONED UPON RECEIPT BY OTE OF THE NOTICE OF EXERCISE AND PURCHASE PRICE FOR THE WARRANT SHARES BY NO LATER THAN OCTOBER 31, 2014.
Conditioned upon OTE's receipt of immediately available funds by close of business on October 31, 2014, subject to extension in the sole discretion of OTE, OTE will promptly issue and deliver the Warrant shares purchased at a price equal to $0.75 per Warrant share.
For more information about the Warrants, Holders with questions may contact Mackenzie Partners at (800) 681-9230.
About Ocean Thermal Energy Corporation
Ocean Thermal Energy Corporation (OTE) is a turnkey supplier of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) Systems worldwide. The Company provides financing, design, construction and operation of OTEC and SWAC systems and has offices in Pennsylvania, Virginia, The Bahamas, Cayman Islands, United States Virgin Islands, Hawaii, London, UK and Stockholm, Sweden. OTE traces its roots back to 1988 and has a multidisciplinary team of experienced corporate executives, scientists and ocean engineers, together with strong strategic alliances with premier corporations and financing institutions.
For additional information regarding OTE, please visit the Company's website at www.otecorporation.com.