EnergyConnect Group, Inc. (OTCBB:ECNG), a leading provider of smart grid demand response services and technologies, announced today that it has amended its $5 million Convertible Secured Note Credit Facility with Aequitas Commercial Finance, LLC. Under the terms of the amendment, the maturity date of the credit facility was extended through February 24, 2012, the interest rate on the facility will be reduced from 30% to 25%, and the permitted conversion percentage will increase from two-thirds to 100% of the unpaid principal and interest at an exercise price of $0.096 per share.
Kevin R. Evans, EnergyConnect’s President and Chief Executive Officer, stated, “We are pleased with the support Aequitas has shown EnergyConnect and our business model. This extension of the facility is expected to provide the necessary working capital to support our business into 2012.”
About EnergyConnect Group, Inc.
EnergyConnect delivers industry leading Demand Response technologies and services to commercial, educational and industrial consumers enabling them to manage their use of electricity in response to market prices or regional power shortages. The Company’s technology platform provides a scalable, cost-effective, clean technology to enhance the grid’s efficiency and reliability. For more information about this leading edge technology or about investor relations, visit: http://www.energyconnectinc.com .