(Vancouver, BC, October 28, 2010) GreenAngel Energy Corp. (“GreenAngel”) (TSX-V: GAE) reports that investee company dPoint Technologies Inc. (www.dpoint.ca) have closed a financing round totaling 2.6 million US dollars.
dPoint develops novel polymer membranes that significantly improve the energy-efficiency of Heating, Ventilating and Air-Conditioning (“HVAC”) systems used in buildings. The proceeds will be used primarily for working capital funding dPoint’s growth and to expand sales and R&D activities.
GreenAngel currently holds 448,454 shares in dPoint. The financing was completed at a valuation representing an 87% increase in the value of GreenAngel’s dPoint holdings.
James Dean, CEO of dPoint comments “We are excited to complete the financing and how it will allow us to execute our business plan and provide the capital for our growth. It also is a validation of our industry leading membrane technology and the significant opportunity for energy recovery in buildings.”
Michael Volker, Chairman of GreenAngel comments, “This investment validates GreenAngel’s early interest in dPoint and provides some critical fuel as they expand their presence in the marketplace. The investment also marks an important appreciation in the assets of GreenAngel and reinforces how the GreenAngel model for commercializing new green technologies can work successfully for our investors.”
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
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