CarCharging has raised $6 million from shareholders and has restructured to save cash. The EV charging company plans to expand further in 2015 - with an eye toward achieving profitability - in part by investing in technology and "unlocking the value of our significant equipment inventory," says CarCharging CEO Michael D. Farkas. The group expects to reduce administrative costs by 40 percent, and has hired an interim Chief Financial Officer to help carry out its plans for growth. CarCharging raised the cash through offering convertible preferred stock to its shareholders, whom Farkas thanked "for their passion and patience." Read more in the press release below.
Rydell Chevrolet in Los Angeles is offering Chevrolet Volt leases for $149 per month. In a video ad, Rydell offers the Volt for $169 a month with $3,390 due at signing, but another ad shows the offer at $149 a month with $3,550 down or $248 per month with $0 down. Rydell Chevrolet will ship the car anywhere in the lower 48 states. It also appears they offer cupcakes. See Rydell's video below, or read more at Inside EVs.
Tesla will upgrade the Model S P85D with higher performance and top speed. The free update, which is due "in the next few months" according to a statement from Tesla, will raise the electronically limited top speed from 130 to 155 miles per hour. "Additionally, an over-the-air firmware upgrade to the power electronics will improve P85D performance at high speed above what anyone outside Tesla has experienced to date," Tesla says. The update will be available for the lifetime of the car, which includes subsequent owners. Read more at Green Car Reports.
Rydell Chevrolet in Los Angeles is offering Chevrolet Volt leases for $149 per month. In a video ad, Rydell offers the Volt for $169 a month with $3,390 due at signing, but another ad shows the offer at $149 a month with $3,550 down or $248 per month with $0 down. Rydell Chevrolet will ship the car anywhere in the lower 48 states. It also appears they offer cupcakes. See Rydell's video below, or read more at Inside EVs.
Tesla will upgrade the Model S P85D with higher performance and top speed. The free update, which is due "in the next few months" according to a statement from Tesla, will raise the electronically limited top speed from 130 to 155 miles per hour. "Additionally, an over-the-air firmware upgrade to the power electronics will improve P85D performance at high speed above what anyone outside Tesla has experienced to date," Tesla says. The update will be available for the lifetime of the car, which includes subsequent owners. Read more at Green Car Reports.
Car Charging Group Completes $6 Million Capital Raise
Concurrently Enacts Restructuring Actions to Reduce Cash Burn
MIAMI BEACH, Fla., Dec. 29, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging" or the "Company"), the largest owner, operator, and provider of electric vehicle (EV) charging services, today announced that it has closed an offering (the "Offering") and raised net proceeds of up to $6 million with current institutional shareholders. The Offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00.
Proceeds will be used to:
- Strengthen CarCharging's balance sheet;
- Build on the past year's progress; and
- Provide growth capital for expanding the Company's network.
Two million of the funds were disbursed at closing, with the remainder of the funds to be disbursed based upon successful achievement of operating milestones over the next two quarters.
The Company also announced that it has undertaken specific restructuring actions to improve monthly cash flow, including initiatives that are expected to reduce general and administrative expenses by more than 40%. CarCharging has also hired a seasoned interim Chief Financial Officer to help lead the Company through its strategic plan towards profitability.
"This capital raise occurs as CarCharging prepares for further expansion in 2015," said Michael D. Farkas, CEO of CarCharging. "As we pursue both top line growth and a path to profitability, we intend to maintain a strict focus on managing cash while investing in technology and business development initiatives to address the increasing need for quick, convenient, and cost-effective EV charging services. We believe that this transaction will help ensure our ability to capitalize on numerous opportunities to grow and further improve the Company's operations, including unlocking the value of our significant equipment inventory. I personally want to thank our shareholders for their passion and patience. The fact that the current shareholders were willing to purchase securities with stock priced at a substantial premium to the current market is both encouraging and supportive of the management team's positive outlook for the business."
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares in CarCharging, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.
For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.
Concurrently Enacts Restructuring Actions to Reduce Cash Burn
MIAMI BEACH, Fla., Dec. 29, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging" or the "Company"), the largest owner, operator, and provider of electric vehicle (EV) charging services, today announced that it has closed an offering (the "Offering") and raised net proceeds of up to $6 million with current institutional shareholders. The Offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00.
Proceeds will be used to:
- Strengthen CarCharging's balance sheet;
- Build on the past year's progress; and
- Provide growth capital for expanding the Company's network.
Two million of the funds were disbursed at closing, with the remainder of the funds to be disbursed based upon successful achievement of operating milestones over the next two quarters.
The Company also announced that it has undertaken specific restructuring actions to improve monthly cash flow, including initiatives that are expected to reduce general and administrative expenses by more than 40%. CarCharging has also hired a seasoned interim Chief Financial Officer to help lead the Company through its strategic plan towards profitability.
"This capital raise occurs as CarCharging prepares for further expansion in 2015," said Michael D. Farkas, CEO of CarCharging. "As we pursue both top line growth and a path to profitability, we intend to maintain a strict focus on managing cash while investing in technology and business development initiatives to address the increasing need for quick, convenient, and cost-effective EV charging services. We believe that this transaction will help ensure our ability to capitalize on numerous opportunities to grow and further improve the Company's operations, including unlocking the value of our significant equipment inventory. I personally want to thank our shareholders for their passion and patience. The fact that the current shareholders were willing to purchase securities with stock priced at a substantial premium to the current market is both encouraging and supportive of the management team's positive outlook for the business."
This press release does not constitute an offer to sell or a solicitation of an offer to buy shares in CarCharging, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.
For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.
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