Millennium Cell Inc. (Eatontown, NJ), a technology development company that has created a proprietary process to safely store, generate and deliver pure hydrogen, announced that it has signed a $10 million private placement financing through the sale of debentures convertible into common stock. Initially, $6 million will be made available in the form of unsecured convertible debentures, with $4 million additional unsecured debentures available at the company's option.
"his financing is an important step at this point in Millennium Cell's development," said Millennium Cell President, CEO and acting CFO Stephen Tang. "We continue to aggressively pursue our business plan to grow revenue from key near-term markets in consumer electronics, standby power and military portable power. This financing gives us additional flexibility as we work to reach positive cash flow and pursue new revenue prospects from public-sector funding and international partnerships, over and above our current business plan."
