AquaFiber Technologies disclosed selling $1 million worth of equity securities as part of a new financing round. The financing which started to sell one month ago was subscribed in full by twenty-seven investors. The equity offering’s estimated net proceeds amount to $726,000 excluding $274,000 earmarked for the payment of officers’ salaries. The company closed three previous unregistered private placements which raised an estimated $23.9 million.
The company developed and commercializes a patented, dual nutrient (phosphorous and nitrogen) removal process that cost effectively removes nutrients, bacteria, metals and toxicity from surface waters and industrial wastewater. In addition to the benefits of surface water remediation, the algal biomass produced from the process represents a potential secondary market in renewable energy production and sustainable soil amendments.
The company is headquartered in Winter Park FL. Revenues on or below $1 million were reported by AquaFiber Technologies.
The executive team includes Duane De Freese, Kirby B Green, Rebecca Taylor Burnett, Ronald L Edwards, Ronald P Allen and William W Fagan.
The board of directors includes George Thomas Bland, James Madison, Kenneth C Wright, Mary Olson, Michael Marder, Mj Soileau, Richard A Nunis, Robert F Stonerock, Thomas Yochum and Thomas L Keon.
The company has raised an estimated total of $24.9 million via private unregistered security offerings.
Company: AquaFiber Technologies
Amount offered: $1 million
Amount placed: $1 million
First sale: 02-28-2014
Data as of: 04-08-2014