2008-04-24 20:03:18 -
- Hydrogen Engine Center, Inc. (OTC BB: HYEG), a developer and manufacturer of alternative - clean fuel internal combustion engines, engine controls and power generator systems, today announced that it has finalized a financing commitment of up to $4,000,000 from a private equity institutional investor.
The terms of the financing allow the Company to sell up to $4,000,000 in
traunches of equity, based upon a specified discount to the market price of the Company shares calculated over the five trading days following notice of an election to sell. The details of this financing commitment were discussed in our Form 10-KSB filed with the Commission on April 15, 2008.
This financing commitment, along with a recently secured bank line provides the Company with the capital necessary to continue the development of the Company's near-zero emission engines and power generating systems. This financing was arranged through HEC's strategic banking partners, GenCap Solutions of Dallas, Texas.
Brad Nelson, Managing Director of GenCap commented, "The alternative energy sector is getting more strategic and valuable. We are confident that companies like HEC, who bring alternative energy technology to the market, represent a very attractive strategic investment opportunity."
Don Vanderbrook, HEC's CEO, stated, "The availability of new equity financing allows the company to continue to build its sales, marketing and technical team as the company transitions from the developmental state to commercialization. As oil prices top $117 per barrel, the economics of using a variety of alternative fuels are beginning to encourage the rapid growth of these alternative fuel technologies. The ability of our engines to utilize multiple alternative fuels positions the Company for rapid development and economic advantage."
About Hydrogen Engine Center, Inc.
Hydrogen Engine Center, Inc. (HEC) designs, manufactures and distributes alternative-fueled internal combustion engines, engine controls and fuel delivery systems and power generation equipment for distributed power, agricultural, industrial, airport ground support, off-road vehicular, business and home applications. All HEC engines and power generation equipment are capable of running on a multitude of fuels, including but not limited to, hydrogen, ammonia, synthetic gas, coal bed methane, gasoline, and ethanol. HEC trades on the Bulletin Board under the symbol "HYEG.OB." Principal offices are located at 2502 E Poplar St., Algona, Iowa 50511. Visit www.hydrogenenginecenter.com or in the US dial 515-295-3178 for more information.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third-party suppliers, the availability of capital and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
Porter LeVay & Rose, Inc.
Investor Relations
Michael J. Porter, 212-564-4700
President
or
Editorial
Jeffrey Myhre, 212-564-4700
VP
FAX 212-244-3075
www.plrinvest.com
plrmail@plrinvest.com
or
Hydrogen Engine Center, Inc.
Nicole Fritz-Kemna, 515-295-3178
Communications Director
nkemna@hydrogenenginecenter.com 
