United EcoEnergy plans private placement for at least $10 million

By Sheri Kasprzak

New York, July 31 - United EcoEnergy Corp. said it intends to raise at least $10 million in a private placement of common or preferred stock.

Lempert Brothers International USA will be the placement agent for the offering.

The terms of the deal have not been determined at this time.

In other news at United EcoEnergy, the company entered into a letter of intent with Alternative Fuels, LLC to construct five ethanol production plants in the United States using technology developed by Woodland Chemical Systems, Inc.

The company has so far entered into two letters of intent, to purchase the Averill Wind Farm for $15 million from Northern Alternative Energy and to acquire the interest of Northern Alternative Energy in Lakota Ridge, LLC; Shaokatan Hills, LLC; and CHI Minnesota Wind, LLC, including real estate and wind-generation equipment, for $6.4 million.

Based in Cocoa, Fla., United EcoEnergy develops wind, ethanol, biodiesel and other alternative fuel sources.

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