WALTHAM, Mass., March 27, 2012 /PRNewswire/ -- American DG Energy Inc. (NYSE Amex: ADGE), a leading On‑Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that it has entered into a definitive agreement to sell restricted common stock for aggregate proceeds of $1,600,000 to Dr. Phillip Frost through one of his trusts.
Pursuant to the agreement, the Company sold to Dr. Frost 1,000,000 shares of restricted Common Stock at $1.60 per share at an aggregate purchase price of $1,600,000. The proceeds of the private placement will be used to fund additional installations of the Company's On-Site Utility energy systems and for general corporate and working capital purposes.
This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state. The securities to be offered have not been registered under the Securities Act of 1933 (the "Securities Act") or any state securities laws and may not be offered or sold in
the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws.
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