RENO, Nev., Jan. 30, 2007 (PRIME NEWSWIRE) -- eHolding Technologies, Inc. (Pink Sheets:EHDT) reported today that it has reached agreements with at least two funding sources that will enable the company to secure non-dilutive financing totaling more than $5 million over the next four months to fabricate and laminate Structural Insulated Panels (SIPs) for home construction.
"This financing is expected to start beginning in February, and to be completed by the end of May," said eHolding Technologies CEO Doug Hamby. "Over the next two months, the company will be raising part of those funds through the sale of a portion of its 305 million issued and outstanding shares. Thereafter, the majority of the additional funds, that will begin coming in to the company in the latter part of March, represent a loan, repayable with interest only and no stock consideration."
Hamby noted that funds will be for working capital, purchase of equipment, and selection of the first manufacturing site. "As we reported earlier this month," he said, "we are putting all our resources into developing the market in the Midwest states for SIPs built homes."
Under the company's agreement with Precision Panel Structures, a leader in SIPs building applications, eHolding Technologies intends to operate plants that will serve the states of North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri, Wisconsin, Illinois, Michigan, Indiana, Kentucky, Ohio, and West Virginia.
Homes featuring structural insulated panel (SIP) construction are able to be built more quickly than conventional stick-built homes, and enjoy 5 star energy level designations because they offer significantly lower costs for heating and cooling. They are "green" in that they are comprised of recyclable materials, virtually eliminating waste. They can withstand hurricane winds of 200 mph, and can absorb earthquakes in excess of 5.0 points on the Richter scale.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements.