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July 5, 2011 /PRNewswire/ -- MWW Automotive Group (OTC QB: MWWC), a global design, engineering, and manufacturing firm serving some of the world's leading automotive manufacturers, has executed an agreement with Hillair Capital for an initial financing of
AEGIS Capital Corp located in
New York serves as MWW's investment banking firm and financial advisor and will accommodate additional investments for a total of
$400,000 under the same terms and conditions.
The investment consists of a twelve month Convertible Debenture, convertible at a fixed price of
$0.04 per share with standard warrant coverage at a fixed conversion. The full details are described in the Company's 8K filing with the SEC.
As already announced in a press release on
June 27, 2011 (MWW Automotive Expands Production Capacity - Adds 3rd Production Line in its Facility), MWW Automotive is currently in the process of expanding its production capacity to accommodate the expected increasing demand for its products and services. Many new projects, not only in the automotive industry, but also several large projects for our new industrial clients are expected to commence with production in the near future.
"Accordingly, MWW has decided that this is the appropriate time to enter into an investment agreement with Hillair Capital Investment LP, aided by the financial advisory services of AEGIS Capital Corp," said
Rainer Poertner, responsible for Global Business development and Investor Relations at MWW Automotive. "We appreciate Hillair's decision, after conducting due diligence at our headquarters and production facility, to trust us and our management team with their investment.
As we move forward with our vision to grow the company and enhance our product offerings, myself and our entire management team, led by our CEO,
Chuck Pinkerton, will work closely with Hillair and AEGIS. The MWW team is committed to achieve both our short term and longer term financial goals, satisfy our funding requirements for expansion and produce an increasing ROI for our investors, as the company expands its client and product roster, increases production volume and improves financial performance."
About Aegis Capital Corp
Founded in 1984, AEGIS Capital Corp is a full service retail and institutional broker/dealer located in
New York City.
Aegis Capital provides world-class expertise and financial advice to private and public companies spanning the mid-cap, small-cap and micro-cap markets worldwide, encompassing capital raising, strategic advisory, private security sales and capital introduction. The firm is intensely focused, through a group of highly experienced and committed bankers, on providing high quality service to a selective group of clients by marshaling its vast resources and contact base to fulfill the clients' interest.
About MWW Automotive Group
Howell, Michigan, with a "Class A" painting facilities in
Baroda, Michigan, MWW Automotive Group (OTC QB: MWWC) delivers its products, design and Class A painting services directly to select global automobile manufacturers' vehicle processing centers (VPC), distribution centers and/or assembly lines in
the United States,
Europe. The VPC's technical teams install the MWW designed and manufactured products in a variety of vehicle types that are channeled through them by the manufacturer for distribution, and deliver the accessorized automobiles into the dealer channels in their respective countries. The company's mission is to manifest its position as a truly global automotive company and to fully utilize its combined design and manufacturing resources to consistently provide the most innovative, leading edge and high quality automotive accessories for an increasingly demanding global market. Noted for its adherence to the highest quality requirements, MWW products are designed and manufactured to meet and exceed customers' expectations and requirements. MWW provides substantial added value to the sale of vehicles for leading international automobile manufacturers such as Toyota, BMW, Hyundai, Kia Motors, GM and Ford. For more information please visit
www.mwwautomotive.com, or e-mail
Safe Harbor StatementCertain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
SOURCE MWW Automotive Group