Press Releases
Form 8-K for Clean Power Technologies Inc.
20 June 2007
Entry into a Material Definitive Agreement, Unregistered Sale of Eq
Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On June 13, 2007, Clean Power Technologies Inc. ("Clean Power" or the "Company") issued a total of 4,000,000 shares of restricted Common Stock to Doosan Babcock Energy Ltd. ("Doosan") pursuant to the terms and conditions of a subscription agreement, received May 21, 2007 (the "Subscription Agreement"). The Subscription Agreement was executed pursuant to the terms and conditions of that Collaboration Agreement entered into between the parties on October 11, 2006.
Pursuant to the Collaboration Agreement, Doosan and the Company agreed to collaborate to develop steam accumulator technology for use in the Company's hybrid technologies over a period of thirty-six months. Doosan is to provide all that is necessary or as reasonably requested by the Company, including scientists, engineers, experts and other personnel, facilities, equipment and materials. Doosan will fund up to $400,000 towards the development costs of the accumulator technology and the Company agreed to issue to Doosan a total of 4,000,000 shares at a deemed price of $0.10 per share within five business days of Doosan delivering to the Company a subscription agreement.
Item 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
See Item 1.01 above.
These securities were sold without registration under the Securities Act of 1933, in reliance on Section 4(2) of the 1933 Act and the provisions of Regulation S. There were no underwriting discounts or commissions paid in connection with the sale of these securities
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Copies of the following documents are included as exhibits to this current report pursuant to Item 601 of Regulation S-B:
| Exhibit Number | Description | |
| 10.1 | Collaboration Agreement between Mitsui Babcock Energy Limited
and Clean Power Technologies Inc. dated October 11, 2006. |
Filed with the SEC on October 18, 2006. |
| 10.2 | Executed Private Placement Subscription Agreement | Filed herewith. |