Echo Automotive Receives $200K from Emerald Private Equity Fund

Echo Automotive said on Thursday that it has closed on $200,000 in financing from Emerald Private Equity Fund LLC. Headquartered in Scottsdale, Arizona, Echo Automotive is a provider of technology for fleet vehicles.

PRESS RELEASE

SCOTTSDALE, AZ–(Marketwired – Jun 27, 2013) – Echo Automotive, Inc. (OTCQB: ECAU) (“Echo Automotive”, “Echo” or the “Company”), a developer of technologies enabling the cost-effective conversion of existing fleet vehicles into fuel-efficient hybrids and plug-in hybrids, today announced it has completed acquisition of additional working capital funding through convertible note financing with Emerald Private Equity Fund LLC (“Emerald”).
Per the agreement, Echo will receive $200,000 in funding through a five (5) year note with accrued interest at an annual rate of eight percent (8%). The agreement further states that Emerald will receive conversion features and warrant rights. The terms and conditions of the note are disclosed in the 8-K report that the Company filed with the SEC this week.
“The additional $200K from Emerald comes on the heels of our recently completed mezzanine funding of $3M and further strengthens our working capital position,” stated Jason Plotke, Echo’s Chairman and President. “It allows us to execute on our business plan and gear up operations for order fulfillment.”
The Company stated that it continues to see positive response and increasing demand for its EchoDrive™ product. In preparation for order fulfillment in the coming year, Echo recently signed a lease for an additional 40,000 square feet of production space at its Anderson, Indiana facility.
Additional details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s (“SEC”) EDGAR database. For more information, visit our website at: www.echoautomotive.com.
About Echo Automotive, Inc. (OTCQB: ECAU)
Echo Automotive, Inc. develops technologies and products designed for cost-effective conversion of new and existing vehicles into fuel-efficient hybrids and plug-in hybrids. The key to Echo’s strategy is the bolt-on nature of its solution that introduces few or, in some cases, almost no additional points of failure, making it low risk compared to competing solutions. For more information, please visit
www.echoautomotive.com.