Business Editors
OTTAWA--(BUSINESS WIRE)--Aug. 6, 2002
Thermal Energy International Inc. (TSX Venture Exchange:TMG) (www.tse-cdnx.com) is pleased to announce that the Company has executed an agreement with Cornell Capital Partners, LP (or CORNELL) that provides the Company with a $5,000,000 Equity Line Of Credit investment. Under the terms of the agreement, Thermal Energy has the right but not the obligation to draw down from under the Equity Line for a term of 24 months. The key benefit of the financing is that Thermal Energy is now assured flexible access to the capital needed for its current and planned operations.
CORNELL is a US-based private equity fund ...