ST. LOUIS--(BUSINESS WIRE)--Fuel Performance Solutions, Inc. (FPS) (OTC: IFUE) announced today it completed a $1,000,000 institutional capital raise adding six new institutional investors as shareholders of FPS securities. The deal structure is a convertible note, convertible into FPS common stock at a conversion price of $0.10 per share.
“This is an important development in the progress of our Company,” said Jonathan R. Burst, FPS’s CEO. “Our business model and commercial progress attracted a group of sophisticated institutional investors to invest in and help fund the continued growth of our Company.”
The Benchmark Company, LLC served as exclusive placement agent for this transaction.
FPS management participated in this capital raise.
About Fuel Performance Solutions, Inc.
Fuel Performance Solutions, Inc., formerly International Fuel Technology, Inc., is a company focused on providing its technology to large, industrial consumers of diesel fuel and bio-diesel fuel blends in the rail, stationary power generation and road transport industries.
Safe Harbor Statement
Some statements contained in this release may be forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995 including, but not limited to, statements as to commercialization of the Company's products and business development activities. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the Company's actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to generate revenues and other factors as described in the Company's literature and filings with the Securities and Exchange Commission.
Further information on DiesoLiFTTM and the PerfoLiFTTM BD-Series may be found at FPS’s website: www.internationalfuel.com.