Applied Natural Gas Fuels, Inc. (“ANGF” or the “Company”) (OTCBB: AGAS.OB) announced today that it has secured $5 million in additional senior secured debt financing from Medley Capital, affiliate of one of the Company’s existing senior lenders and principal shareholder. The Company intends to use the proceeds from this financing to purchase strategic liquefied natural gas (“LNG”) transport, storage and fueling application equipment to support its critical growth initiatives, and for general corporate purposes.
President & CEO Cem Hacioglu said, “The financing provides us with the capital necessary to execute our near term objectives in our primary markets of transportation and industrial applications. It will also allow us to pursue a number of significant expansion initiatives within and beyond our traditional Southern California territory.”
Established in 1995, ANGF has grown to become a leader in the domestic vehicle grade LNG industry, specializing in natural gas vehicle solutions. For more information, please visit ANGF’s website, located at http://www.altlng.com.
Forward-Looking StatementsThis press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words "anticipate,” "believe,” "estimate,” "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding ANGF’s strategy, future production, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission.