Cyclone Power Technologies Signs Binding LOI with Investor Group to Purchase Equity Stake in Company with First Priorities Being Engine Production and Entering Microgrid Market
CYCLONE POWER TECH (CYPW)
NASDAQ:AMEX Investor Relations:
investorshub.advfn.com/cyclone-power-technologies-inc-cypw-7618
Company Research
Source: GlobeNewswire
POMPANO BEACH, FL , Feb. 02, 2018 (GLOBE NEWSWIRE) -- Cyclone Power Technologies, (OTCPK: CYPW) Cyclone Power Technologies today announces that it has received a binding Letter of Intent to purchase 20% of the company in the form of non-dilutive preferred A stock. The equity will be given in the form of non-dilutive Preferred A shares and currently will have no adverse effect on the outstanding common stock. The company has entered into a 180 day due diligence period. Cyclone will continue to receive monthly installments from the investor group which will be applied to the purchase price. After the Due Diligence period, Cyclone will continue to receive the balance of the $5,000,000 for the 20% equity position in the company. Funds received during this period will be used to bring Cyclone's engines and products to production. There will be preset milestones better outlined in subsequent agreements. Cyclone will also use funds to increase their Intellectual Property with new and
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