Synergy Technologies Completes Private Placement

July 31, 2002 by Jeff Shepard

Synergy Technologies Corp. (Conroe, TX) announced that it has completed a $500,000 common stock private placement with the company's largest institutional shareholder, a private energy investment fund. The fund purchased 1,246,884 restricted shares of Synergy common stock at $0.401 per share.

As a result of the current and two earlier private placements with Synergy, this particular institutional shareholder has made an aggregate investment of $1.75 million in Synergy and now controls 3,118,545 shares, or 6.9 percent, of the company's 45,208,712 outstanding common shares. Funds from this offering will be used for the continuing development of Synergy's two proprietary technologies, SynGen (for fuel cell applications) and CPJ, and for general working capital purposes.