ABCO Energy, Inc (OTCPK “ABCE”) Tucson, Arizona (January 28, 2020) – ABCO Energy has raised funds from Oasis Capital for the retirement of two convertible notes held by Power Up Lending Group, Inc. and a third held by Crown Bridge Partners, LLC prior to the time the Conversion Right will become exercisable. This action will prevent imminent dilution from the conversion of these Notes. It is the Company’s intent to try to continue to retire the convertible notes prior to when the Conversion Right becomes exercisable where it is possible to do so.
The Powerup notes are carried on our books at $162,300 and the Crown Bridge note is carried at $50,000. However, Crown Bridge also has a commitment to fund an additional $100,000 of convertible notes that the Company intends to cancel with this transaction and which will no longer be an overhang on the market. By combining internal funding and a $208,000 convertible note from Oasis Capital, the Company will not have convertible notes on the market for a period of nine months.
About ABCO Energy
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service. These qualities have allowed us to grow the business primarily through referrals, many of those based on actual customer reviews.
Safe Harbor Statement
Note: Certain statements in this news release may contain “forward-looking” information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
Contact: ABCO Energy, Inc. Phone 520-777-0511
Or Michael Mildebrandt via email at “info@abcoenergy.com”
Month: January 2020
ABCO Energy Subsidiary ABCO Solar buys an office & warehouse building for Tucson operations
ABCO Energy, Inc, (OTCPK, “ABCE”) December 31, 2019 Tucson, Arizona. On December 31, 2019 ABCO completed negotiations, financial arrangements and closed on the purchase of a 4,800 square foot office and warehouse building located on one/half acre of paved land on one of Tucson’s busiest streets. This property will be more than adequate to house both the Solar business (Now 3600 SF and the HVAC business (now 2000 SF) including our previously announced acquisition of a Tucson HVAC service and equipment supplier. The land and outbuildings will accommodate all of our equipment.
The acquisition was priced at $325,000 and the financing was spread over a twenty-year mortgage based on a 20 [20] year amortization and a balloon payment at the end of five (5) years. The monthly payment is one/half of our current rent on both businesses. The property will require repair, but all improvements will add to the current valuation. ABCO will be able to do almost all of the repairs with current employees. We believe the land is worth more than the entire property price. The property is centrally located on North Alvernon Street, close to the center of the Tucson Metropolitan area. We feel very fortunate to find and close on this property at a time when office/warehouse occupancy has reached 99% for this type of facility.
This property will add to our owned assets and improve our balance sheet at December 31, 2019,” said Michael Mildebrandt, President of ABCO Energy, “and it is an excellent location to advertise our businesses on a busy street”.
The Company will move its operations into the new building as improvements allow and our leases expire or are subleased on our current property.
The HVAC subsidiary to be acquired will be relocated to the property as soon as we close on the funding for the acquisition of this operating company.
About ABCO Energy
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service.
Safe Harbor Statement
Note: Certain statements in this news release may contain “forward-looking” information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
CONTACT INFORMATION: Michael Mildebrand Email: info@abcoenergy.com