WORTHINGTON, Ohio, July 3, 2013 /CNW/ - Midwest Energy Emissions Corporation (MEEC) announced today that the Company has entered into a Conversion Agreement with Richard MacPherson, a director of the Company, and 3253517 Nova Scotia Limited, of which MacPherson is the sole member (the "Nova Scotia Company"). Pursuant to the Conversion Agreement the Company converted advances previously made by MacPherson, into 12% Convertible Promissory Notes (the "Notes"). Immediately prior to this conversion, MacPherson assigned and transferred $614,012.00 of his interest in the principal owing on certain advances to Nova Scotia Company (the "Nova Scotia Debt"). Under the Conversion Agreement the Nova Scotia Company converted the Nova Scotia Debt into $614,012.00 of Notes of the Company and MacPherson converted an additional $252,199.00 into $252,199.00 of the Notes of the Company, which shall be due and payable on the third anniversary of the date of issue, and which shall be convertible into Units of the Company with each Unit consisting of one share of common stock of the Company and one warrant to purchase 0.25 additional shares of Common Stock.
In addition, the Company has also entered into a Conversion Agreement with Jay Rifkin, a director of the Company. Pursuant to the Conversion Agreement the Company converted advances previously made by Rifkin into Notes. Rifkin converted $169,894.00 into $169,894.00 of the Notes of the Company, which shall be due and payable on the third anniversary of the date of issue, and shall be convertible into Units of the Company as described above.
About Midwest Energy Emissions Corp. (MEEC)
Midwest Energy Emissions Corporation delivers cost effective mercury capture technologies to power plants and other large industrial coal-burning units in the United States and Canada. The Company's proprietary technology allows customers to meet the new, highly restrictive standards the U.S. EPA has set for mercury emissions, in an effective and economical manner with the least disruption to their current equipment and on-going operations. For more information, please refer to the Company's website at www.midwestemissions.com
Safe Harbor Statement
Statements in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
SOURCE: Midwest Energy Emissions Corporation
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