Power Air Corp. Raises $1.5 Million Through Private Placement Of Common Stock

Power Air Corp. announced it has completed a private placement of its common stock raising gross proceeds of $1.5 million from H-Plus Eco Ltd., a Korean environmental company founded and led by Jahong Hur, a member of Power Air’s Board of Directors.

The company will use the proceeds for working capital purposes, including planned commercialization of its proprietary ZPAC Series Power Packs. The private placement of $1.5 million brings total investment in Power Air to over $9.5 million, since it first became a public company in 2005. A total of $6 million was also invested in Power Air prior to its completion of a reverse merger into a publicly traded shell on September 30, 2005.

"We continue to attract funding as the potential and reach of our technology, our markets and our target products are further recognized and understood," stated Donald Ceci, President and CEO of Power Air. "We are very fortunate to have the longstanding technical and financial support of H-Plus Eco, and appreciate the tremendous vote of confidence that their investment in Power Air demonstrates."