WALLINGFORD, Conn., May 17 /PRNewswire-FirstCall/ -- Distributed Energy Systems Corp. announced today that it has ended the sale of shares of its common stock under its previously disclosed equity distribution agreement with UBS Securities LLC.
Through the program, which was initiated in April 2006, the company authorized the sale of shares from time to time on the open market. Stock sales under the program began on April 12th, with aggregate sales to date of 1,171,297 shares, resulting in net proceeds to Distributed Energy of $7,485,648.
The company said it intends to use the additional funds to grow its product and service offerings in complementary markets, to enable project and lease financing arrangements of customer purchases, to accommodate additional working capital for a growing backlog of orders, and for general corporate purposes.
About Distributed Energy Systems Corp.
Distributed Energy Systems Corp. creates and delivers products and solutions to the emerging decentralized energy marketplace, giving users greater control over their energy cost, quality and reliability. As the parent company of Proton Energy Systems (http://www.protonenergy.com/) and Northern Power Systems (http://www.northernpower.com/), Distributed Energy Systems delivers a combination of practical, ready-today energy solutions and the solid business platforms for capitalizing on the changing energy landscape. For more information visit http://www.distributed-energy.com/.
This press release contains forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Statements contained herein concerning Distributed Energy's goals, future revenue and profitability, financial sustainability, and anticipated growth and other statements that are not statements of historical fact may be deemed to be forward-looking information. Without limiting the foregoing, words such as "grow," "expand," "establish" and other forms of these words or similar words are intended to identify forward-looking information. Distributed Energy's actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors. Distributed Energy disclaims any obligation to update these forward-looking statements. Factors that could cause results to differ materially from those contained in Distributed Energy's forward-looking statements include, but are not limited to, our failure to perform contracts for customers profitably, or complete development of our products, the failure of our products to achieve commercial acceptance, our inability to expand our production facilities, manufacture our products at commercially acceptable costs or establish distribution relationships, the impact of competitive products, and other factors detailed in Distributed Energy's Form 10-Q for the quarter ended March 31, 2006, and other filings Distributed Energy may make from time to time with the SEC.
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