(Vancouver, BC, September 30, 2010) GreenAngel Energy Corp. (“GreenAngel”) (TSX-V: GAE) reports that investee company Light-Based Technologies Inc. (“LBT”) have closed a financing round totaling 7.5 million US dollars.
The Series B round of investment was lead by VantagePoint Venture Partners based in San Bruno, CA. As part of the investment, VantagePoint’s Managing Director, Marc van den Berg has joined the board of LBT.
GreenAngel currently holds 1,560,000 shares in LBT. The funding will be used primarily to expand sales efforts to Tier 1 customers, as well as to build on and expand the existing intellectual property portfolio that LBT is commercializing.
Comments LBT CEO Jeanette Jackson,”Having VantagePoint as a lead investor and adding Marc to our board with this investment will open doors for LBT that were previously difficult to get open. With more than $4.5 billion under management and a portfolio of companies in the same industry as LBT, we look forward to taking full advantage of the synergies and connections that they will bring as we scale up our licensing and sales efforts.”
Michael Volker, Chairman of GreenAngel comments, “LBT’s rapid progression in the commercialization of their technology is a great example of how the GreenAngel model can work to the benefit of both the company and investors. We’re thrilled that LBT will be adding a prominent US VC to the shareholder base and look forward to this next phase of growth with a focus on sales.”
About GreenAngel Energy
GreenAngel Energy Corp. is a green energy technology company. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also provides business and advisory services to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Enterprises, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.