February 1, 2010 (FinancialWire) — Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU) has entered into definitive agreements with institutional and accredited investors to raise funds in a private placement of restricted common stock and warrants, which will generate gross proceeds of approximately $8 million.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (AMEX: LTS), acted as the exclusive placement agent for the transaction. The securities placed included approximately 1.7 million shares of common stock priced at $4.50 per share, and warrants to purchase approximately 1.7 million shares of Worldwide’s common stock at an exercise price of $5.65 per share for a period of five years.

Worldwide expects to use the proceeds as working capital to fund the company’s growth including the purchase of raw materials to fulfill an existing backlog of approximately $58 million in solar contracts. The company will also purchase equipment for a soon-to-be-completed PV module factory in Nantong, China. On May 29, 2009, Worldwide’s Solar Division entered into an official agreement with the Department of Civil Engineering for the city of Nantong on construction plans for the new facility. In addition, the proceeds will assist in funding potential acquisitions.

Additionally, certain executives of Worldwide, along with the company, entered into a share escrow agreement whereby they will place an aggregate of approximately 1.7 million shares of Worldwide’s common stock into escrow, to be distributed to the investors on a pro-rata basis, if the company does not achieve $4,000,000 in EBIDTA, as adjusted, for the fiscal year ending December 31, 2010.

Worldwide Energy and Manufacturing USA, Inc, headquartered in South San Francisco, California, is a 16-year-old engineering-oriented firm specializing in photovoltaic panel, mechanical, electronics and fiber optic products manufacturing.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.