GARDEN GROVE, Calif., Oct. 23, 2014 /PRNewswire/ -- 808 Renewable Energy Corporation (OTCQX: RNWR), Closes $2,000,000 of its $10,000,000 Convertible Preferred Offering on the First Day of the Offering. Board Member Thomas Grainger has purchased the first $2,000,000 of the offering and secured a ninety day option on another $5,000,000.
The Company may reduce or increase the size of the Offering at its own discretion. The Company currently has zero debt and recently started trading on the OTCQX under the symbol RNWR. In addition the Company recently estimated a 43% increase in total kWh of electricity generated in the 3rd Quarter 2014, compared to the prior Quarter. In addition it looks like sales numbers will be along the same lines. The company's CEO Patrick Carter was recently quoted as saying "There is an urgent need among the public and the private sectors for cost-effective, carbon-neutral energy solutions. Our increased production validates our commitment to seize this opportunity and to reward our investors with significant returns in the long run." The Company's CHP systems produced over 1.4 million-kilowatt hours in the 3rd Quarter of 2014, compared to less than 1 million kilowatt-hours in the 2nd Quarter of 2014.
Patrick Carter the Company Founder and CEO had given the Company a $1,000,000 line of credit as a short term bridge until the Company offered the Convertible. The Company also recently announced a 20,000,000 share buyback as it feels the share price is not reflective of its intrinsic value.
For more information on the terms of the Convertible Preferred Offering, please contact the company at: email@example.com
Or via the web at http://www.808renewableenergy.com
Or via phone at 714-891-8282
808 Renewable Energy currently owns and operates 22 CHP energy systems in 6 sites spread across the San Francisco Bay Area and Southern California. The Company is California's leading CHP owner/operator of CHP systems under 1.5 MW, supplying the public and the private sectors with eco-friendly, cost-effective electrical and thermal energy. About 808 Renewable Energy Headquartered in Garden Grove, CA, 808 Renewable Energy bridges the gap between industry and investors with renewable energy investments. 808 Renewable Energy's primary focus, to provide and manage renewable, eco-friendly projects for manufacturing companies and other large facilities, is accomplished by installing or acquiring for clients, cost-free cogeneration, solar and other renewable energy equipment, which lowers energy costs, reduces environmental emissions, and ecological footprint. 808 Renewable Energy is the leading CHP provider in the State of California, with more than 22 CHP systems in public and private buildings.
Forward Looking Statements
Statements contained in this press release may contain forward-looking statements. Any historical facts stated is faithfully represented as of the date these statements are released. Any expectations about the projected production are based on current projection and may substantially change under unforeseen events and/or circumstances in the future. The Company is not obliged to update the forward-looking statements provided for any events that occur or any circumstances that exist after the date this statement are published.