MELBOURNE, Fla., May 21, 2008 (PRIME NEWSWIRE) -- Alternative Construction Technologies, Inc. (OTCBB:ACCY) announces it has completed a financing line of credit of up to $4.5 million with BridgePointe Master Fund, LDC, CAMOFI Master Fund, LDC, and The Private Bank of Atlanta, Georgia. Under the terms and conditions of the Line of Credit, the Company may draw up to 60% of the available balance of its contracts and purchase orders.
Michael W. Hawkins, the Company's Chairman and Chief Executive Officer, stated, "The Company can focus on delivery of its contracts that will help us achieve our guidance for 2008."
Alternative Construction Technologies, Inc. (ACT) possesses a unique and patented construction technology called the ACTech(r) Panel System that is used in the design and erection of state of the art buildings in commercial, residential, industrial and modular building applications, as well as patented safe rooms. Generically known as structural insulated panels (SIPs), ACT's revolutionary and efficient construction solution utilizes an inherently better galvanized steel "skin" SIP system to complete energy efficient, stronger, safer, faster, and more economical structure than conventional wood and brick based building products. The patented ACTech(r) Panel is environmentally-friendly and easier to construct with - not only saving labor cost and cutting construction time, but also reducing recurring monthly heating and cooling energy bills consistently by 30-50% and often as much as 70%. Most importantly, the ACTech(r) Panel possesses disaster resistant strength and has tested stronger than conventional concrete block or wood frame construction. In hurricane projectile tests, the ACTech(r) Panel continues to meet the most stringent wind, projectile and uplift codes in the nation levied in Dade County, FL and the 2006 Florida Building Code. The ACTech(r) Panel System offers builders and consumers many competitive and comparative advantages of use due to its wide range of attributes. As this new construction technology gains awareness, or hurricane and tornado-prone states establish new building codes and rebuild from recent weather disasters, ACT believes its' products will be in greater demand. ACT has recently added complementary services including design, consulting, and construction through its various general contracting subsidiaries.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets.