NACEL Energy Chief Executive Officer Paul Turner, Ph.D. stated: "The closing of a long term funding agreement is a timely and welcome occurrence as we finish our preparatory work leading to an expected formal RFP bid submission this Spring for our 20 MW Snowflake Arizona wind power generation project."
On March 25, 2010, the Company executed and delivered, pursuant to a private placement, a $300,000 Convertible Promissory Note in exchange for the investor’s execution and delivery of a $300,000 Secured & Collateralized Promissory Note to the Company. This is the first of a series of transactions between the Company and the investor which may occur over the next several years, and which, if fully funded, could provide the Company with funding aggregating up to $4.3 million.
The Company cautions there are no assurances that any further transactions will occur, or if further transactions do occur, the number which may occur is uncertain and dependent on numerous factors including, without limitation, the Company’s progress in developing its wind power generation projects, its financial condition, the strength and volatility of the Company’s common stock and other such factors.
NACEL Energy Corporation (OTCBB:NCEN) is one of the first publicly traded companies in America exclusively developing clean, renewable, utility scale wind power. NACEL Energy has commenced development work on its Snowflake project in Arizona in addition to Leila Lake, Hedley Pointe, Swisher, Channing Flats and Blue Creek, all located in the Texas Panhandle. NACEL Energy currently anticipates generating an aggregate 130 MW, or more, of new wind power upon their completion. NACEL Energy was founded in 2006 and successfully completed its IPO in December of 2007.