Save the World Air, Inc. Completes Equity Financings
LOS ANGELES, CA -- (MARKET WIRE) -- May 25, 2006 -- Save the World Air, Inc. ("STWA") (OTCBB: ZERO) today announced the successful completion of a private offering of 873,015 shares of its common stock to a limited number of accredited investors. Proceeds, in the amount of $1,650,000 gross and $1,435,500 net after selling commissions, will be used for sales and marketing, general and administrative expenses, and working capital. Spencer Clarke LLC of New York served as the exclusive placement agent for the offering.
In related news, the company successfully completed a private offering of 473,000 shares of its common stock to certain non-U.S. individuals in April 2006. Proceeds, in the amount of $737,881 gross and $667,803 net after selling commissions, will similarly be used for sales and marketing, general and administrative expenses, and working capital.
"The successful completion of the recent stock offerings, under which we raised more than $2.4 million, together with other avenues we are actively exploring, will help us manage our cash flow more effectively and help address our liquidity requirements for the foreseeable future," observed CEO Eugene E. Eichler. "The availability of these funds will make a major contribution toward our ability to take our business to the next level and execute on our business plan."
About Save the World Air, Inc.
Save the World Air, Inc. is currently engaged in the product development, initial sales and marketing of devices using proprietary technologies that can be installed on motor vehicles, motorcycles and stationary engines to reduce harmful emissions caused by internal combustion engines, as well as improve fuel efficiency and/or improve performance. The company's patented ZEFS devices have been shown to reduce harmful emission, improve both fuel efficiency and enhance engine performance in repeated independent laboratory testing. The company's patent-pending CAT-MATE devices have been shown to reduce harmful emissions in repeated independent laboratory testing. For more information, please visit the company's website at www.stwa.com.
Safe Harbor Statement
The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, the company's filings and future filings with the Securities and Exchange Commission, including those set forth in the company's Annual Report on From 10-KSB for the year ended December 31, 2005.