2/8 (PSRU.OBB) PureSpectrum, Inc. Enters Into Preferred Stock Agreement For Up To $5 Million

PureSpectrum, Inc. (OTCBB: PSRU), a progressive energy efficient lighting company, has entered into a preferred stock purchase agreement with Socius Capital Group, LLC, which will provide the company with the ability to access up to $5 million in capital.

PureSpectrum (the Company) agreed to sell up to 500 shares of its Series A Preferred Stock to Socius Capital Group, LLC, a Delaware limited liability company doing business as Socius Energy Capital Group, LLC, in one or more tranches from time to time. The tranches will be sold at the Company’s sole discretion, at a purchase price of $10,000 per share, for an aggregate purchase price of up to $5 million. With each tranche, Socius will also receive five-year warrants to purchase that number of shares of the Company’s common stock equal to 135% of the value of preferred stock delivered in such tranche. The exercise price of such warrants will equal the closing bid price of the Company’s common stock on the date the Company provides notice of such tranche.

Pursuant to the Purchase Agreement, PureSpectrum will pay a commitment fee to Socius equal to five percent of the total commitment and will file a registration statement with the Securities and Exchange Commission for the resale of all shares of common stock issuable pursuant to the Purchase Agreement.

“This transaction will enable PureSpectrum to access capital at the company’s discretion to support our product development and sales efforts as we strive to continue our growth and achieve our ultimate goals,” said PureSpectrum president and CEO Lee Vanatta. “As we continue to launch additional product lines in both the Compact Fluorescent Lamp (CFL) and linear fluorescent categories, we expect the expansion of the company to accelerate. The Socius investment vehicle allows PureSpectrum the authority to utilize funds as needed while making resources available that will ensure timely product delivery as well as provide the means to expand our sales platform to take advantage of domestic and international market opportunities. Furthermore, this investment will enable us to continue our work to strengthen our proprietary technology and research additional applications, joint developments or other opportunities that may be available to continue building the PureSpectrum product portfolio and brand. The market for performance-driven, energy efficient lighting continues to grow as the importance of reducing energy usage is reinforced as a global priority, and this investment allows PureSpectrum to augment its efforts to address consumer needs and become an established provider of consumer-friendly, high-performance energy efficient lighting.”

Call 912-961-4980 or visit www.purespectrumlighting.com for more information.

Tags: Finance, ftd, Stock Agreement