Arista Power, Inc. announced that it expects to receive $0.50 million in funding from TMK-ENT INC.
September 03, 2012
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Arista Power, Inc. (OTCPK:ASPW) announced a revolving line of credit and warrants for gross proceeds of $500,000 with new investor TMK-ENT, Inc on September 4, 2012. The loan will be evidenced by a revolving credit note and will bear interest at 10% per year, payable annually. The promissory notes will mature on September 4, 2013. The company also issued warrants exercisable into 500,000 shares at $1.80 per share till ten years. The securities will be issued pursuant to Regulation D. The company can receive advances from the investor till September 4, 2013.
As of September 30, 2012, the company has drawn down $300,000 in the financing.
On November 13, 2012, the company announced that the financing has been amended. The company has increased the size of the financing to $750,000. All the notes issued under the financing, will now mature on November 13, 2013, and not September 4, 2013, and the loan will be due and payable on November 13, 2013. The company issued additional warrants to the investor to purchase additional 250,000 shares at an exercise price of $1.62 per share.
On December 21, 2012, the company announced that the financing has been amended. The company has increased the size of the financing to $1,250,000. All the notes issued under the financing, will now mature on December 21, 2013, and not September 4, 2013 and November 13, 2013, and the loan will be due and payable on December 21, 2013. The company issued additional warrants to the investor to purchase additional 500,000 shares at an exercise price of $1.38 per share.
Arista Power, Inc. is a developer and supplier of custom-designed renewable energy storage and power management systems, and a supplier of solar energy systems. The Companyâs Power on Demand system utilizes inputs from multiple energy sources, including wind, solar, fuel cells and the grid in conjunction with a custom-designed battery storage system. The Companyâs products include Power on Demand system and Solar PV systems. The Company also offers residential and commercial solar photovoltaic (PV) systems. The Companyâs Power on Demand system is an energy storage and management system that lowers a customerâs peak electricity demand, thereby reducing the customerâs electricity costs. Its renewable power station (RPS) is comprised of five components: solar photovoltaic (PV) energy generation, wind energy generation, energy storage, alternating current (AC)/ direct current (DC) power distribution and controls/integration.
ARISTA POWER, INC. 
