WORCESTER, Mass., Nov. 21, 2006 (PRIMEZONE) -- World Energy Solutions, Inc. (TSX:XWE) is pleased to announce that it has completed its initial public offering and secondary offering of 27,441,064 shares of common stock at a price of CDN$1.05 (approximately US$0.93) per share. The offering was comprised of 20,000,000 shares sold by World Energy for gross proceeds to the Company of CDN$21 million and 7,441,064 shares sold by certain selling stockholders for gross proceeds to such stockholders of approximately CDN$7.8 million. World Energy is also pleased to announce that its shares of common stock will begin trading today on the Toronto Stock Exchange under the symbol XWE.
A syndicate of underwriters led by Sprott Securities Inc. and including Canaccord Adams and CIBC World Markets acted in connection with the offering. World Energy has granted the underwriters the right to purchase up to an additional 3,000,000 shares to cover over-allotments.
World Energy will use the net proceeds of the initial public offering to fund acquisitions, develop a green credits platform, retire outstanding debt, grow its channel partner base, target other energy-related markets, target utilities and expand its government relationships.
About World Energy
World Energy is an energy brokerage company that has developed an online auction platform, the World Energy Exchange, through which energy consumers in the United States are able to purchase electricity and other energy resources from competing energy suppliers. While our core competency is brokering electricity, we have adapted our World Energy Exchange auction platform to accommodate the brokering of natural gas, green power, and certain other energy-related products.
This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities or any acceptance of an offer to buy these securities in any State, province or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to their registration or qualification under the securities laws of any such State, province or jurisdiction.