Cirque Energy, Inc. (OTCQB:EWRL), today announced that the company completed a debt restructuring of $124,000.00 of three 8% promissory notes from Asher Enterprises Inc. The three notes were assigned and purchased by a private investor.
The investor has assumed the principal balance of the Asher Notes totaling $77,500. A new note was issued for the balance of the payoff that includes accrued interest and conversion penalties. The new note is for $46,500.00 at nine months with a 6% interest. Asher Enterprises is no longer a creditor of the company.
"We are very pleased to complete this transaction at more favorable terms. We have a long term investor who also agreed to no penalties for prepayment of the note. We are currently in formal discussions to restructure our company’s entire debt and raise capital for several projects," said Joseph L. Durant, CEO of Cirque Energy, Inc.
On November 23, 2013, the company announced that it entered into a joint development agreement with Northrop Grumman Corporation (NYSE:NOC) for the development of a Deployable Gasification Unit (DGU). The DGU is capable of converting byproducts or wastes generated at military installations, natural disaster locations or commercial and industrial sites into electricity and recoverable heat.About Cirque Energy, Inc. Cirque Energy Inc. is a sustainable energy development company focused on distributed generation projects and waste stream optimization. Its projects serve utilities, manufacturing, and institutional clients. The Company primarily utilizes a unique co-development business model to collaborate with clients to develop solutions for their long-term energy needs. For more information about Cirque Energy please visit http://www.cirque-energy.com. This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.