FLINT, Mich., April 15, 2014 (GLOBE NEWSWIRE) -- GEI Global Energy Corp. (OTCBB:GEIG), a Nevada based company, announced that the Company has entered into a $10 million common stock purchase agreement with Kodiak Capital Group, LLC, a Newport Beach-based institutional investor. The company has agreed to file a registration statement with the U.S. Securities & Exchange Commission ("SEC") covering the shares that may be issued to Kodiak under the terms of the common stock purchase agreement. After the SEC has declared the registration statement related to the transaction effective, the company has the right at its sole discretion over a period of one year to sell up to $10 million of common stock under the terms set forth in the agreement. Proceeds from this transaction will be used to accelerate the global commercialization of the GEI X5 World Fuel Cell Electric Power Generator.
"We're very excited to partner with Kodiak and welcome their investment with open-arms," commented K. J. Berry, GEI GLOBAL's Chairmen and CEO. "Kodiak recognizes that our product is an industry and technology game changer and furthers acknowledges that our leadership team have built a successful business model focusing on three core areas including licensing for power generation partnerships, sales revenue of units across various sizes deploying a distributed and scalable architecture, and licensing agreements and joint ventures with other manufactures for core vertical markets."
Rakesh Vadyala, Chairman of Kodiak's Advisory Board, said, "The GEI GLOBAL engineering team has made remarkable progress and have positioned their alternative energy technology to overcome several technical barriers that have hindered the mass commercialization of fuel cell power systems. We look forward to our partnership and assisting GEI GLOBAL with their global expansion."
Additional details regarding the financing are included in an 8/K filed on 4/11/2014 by the Company with the Securities and Exchange Commission.
GEI GLOBAL ENERGY CORP., as a young emerging public company trading on the OTC Markets, the OTCBB, Yahoo Finance and other platforms, was originally established in 2007 as a Michigan based high-tech spin-off private Company with a menu of novel and innovative Fuel Cell technologies. GEI's product line is designed to be scalable for green hybrid fuel cell/solar power plants around the world. A multi-trillion dollar market is potentially available and, having recently gone public, has provided additional funding options which allows the Company to not only focus on existing customer demands, but also opens up expansion plans into worldwide markets for clean and inexpensive energy (www.geiglobal.com).
For more information regarding GEI GLOBAL's vision for an energy secure future, please click on the following video link: http://private.geiglobal.com/wp-content/uploads/2013/06/who-is-gei5.mp4.
About Kodiak Capital Group, LLC
Kodiak is an institutional investor headquartered in Newport Beach, CA. Kodiak makes private investments in public and private entities utilizing proprietary equity and debt instruments. These investments provide long-term strategic capital offering companies certainty, flexibility and consistency. Kodiak's investments are in a wide range of industries emphasizing alternative energy, consumer products, life sciences, natural resources, and social media technology. For more information, visit www.kodiakfunds.com.
Notice Regarding Forward-Looking Statements
This document contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mining exploration companies. These forward-looking statements are made as of the date of this document, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.