AMERICAN DG ENERGY INC. (NYSEMKT:ADGE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
into a Revolving Line of Credit Agreement (the Credit Agreement)
with John N. Hatsopoulos for $3,000,000 and took down $850,000
from that line of credit. Mr. Hatsopoulos is the Co-Chief
Executive Officer of the Company and a member of the board of
directors. The Credit Agreement bears an interest of 6% per annum
and the interest is to be paid on the last day of each quarter of
the year and shall be paid in cash. The Credit Agreement matures
on May 25, 2018. If the Company defaults on the Credit Agreement
the Company shall pay interest of 12% per annum on the amount the
Company has defaulted on.
Repayment Agreement with Trifon Natsis and Despina Pantopoulou
Natsis (the Debt Holders). This Debt Repayment Agreement
terminates the Companys debt obligations as set out in an amended
note agreement that was executed between the Company and the Debt
Holders on August 9, 2016 (the Note). Under the Debt Repayment
Agreement the Debt Holders agreed to accept payment from the
Company of $3,058,943.00 as full repayment of the Note, thus
terminating all obligations the Company had under the Note.
reference to the full text of the Credit Agreement, the Debt
Repayment Agreement, and the Note attached hereto respectively as
Exhibit 10.1, 10.2, and 10.3 and incorporated herein by
reference.
10.2, and Exhibit 10.3 are hereby incorporated by reference into
this Item 1.02.
10.2, and Exhibit 10.3 are hereby incorporated by reference into
this Item 2.01.
obligation under an Off-Balance Sheet Arrangement of a Registrant
10.2, and Exhibit 10.3 are hereby incorporated by reference into
this Item 2.03.
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10.1
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Form of Line of Credit Agreement with Mr. John Hatsopoulos
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10.2
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Form of Debt Repayment Agreement
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10.3
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Form of Note incorporated by reference from Exhibit 10.1 of
the SEC Form 8-K filed by the Company on August 10, 2016. |
About AMERICAN DG ENERGY INC. (NYSEMKT:ADGE)
American DG Energy Inc. distributes, owns and operates clean, onsite energy systems that produce electricity, hot water, heat and cooling. It offers natural gas-powered cogeneration systems. It offers energy producing products, such as natural gas heat pumps, complementary energy equipment, such as boilers, and alternative energy equipment, such as solar and fuel cells. Its cogeneration systems produce electricity from an internal combustion engine driving a generator, while the heat from the engine and exhaust is recovered and typically used to produce heat and hot water for use on-site. It also distributes and operates water chiller systems for building cooling applications. It has installed energy systems, representing approximately 8,323 kilowatts of heat and hot water, and approximately 4,525 tons of cooling. It provides a range of combined heat and power (CHP) products and energy options. The Company sells energy under long-term contracts. AMERICAN DG ENERGY INC. (NYSEMKT:ADGE) Recent Trading Information
AMERICAN DG ENERGY INC. (NYSEMKT:ADGE) closed its last trading session up +0.011 at 0.286 with 19,835 shares trading hands.
