"To accommodate the current and anticipated growth of our CFS division, late in 2007, RG Global relocated its headquarters to a larger, 10,000 sq. ft. facility in Anaheim," Mr. Jangbarwala noted. "Since that time, we've expanded our marketing and engineering staff to manage the increased interest in the CFS technology. We anticipate announcing additional CFS contracts resulting from our efforts in the current quarter."
$3 Million Insurance Settlement Received
RG Global received $3 million related to a claim on a key man insurance policy it held. A portion of the funds has been used to settle litigation with a previous holder of Company convertible notes. The remainder will be used to fund RG Global's continuing R&D and growth.
RG Global CEO Grant King said, "RG Global expects to have sufficient resources to successfully complete our transition from an R&D stage to commercialization of our intellectual property. We have used the insurance proceeds to eliminate convertible debt while covering normal operating expenses. More than 85% of the cost of our first CBM plant coming online during the second quarter 2008 has been paid for in cash. We anticipate our revenue stream will increase substantially starting 2nd quarter in 2008. Additionally, we are finalizing financing commitments from vendors, investors and prospective customers, which will enable us to fund and build more CBM plants rapidly upon receipt of plant contracts. We have designed the financing to minimize dilution and preserve shareholder value while enabling controlled expansion that will dramatically enhance revenues for RG Global."
About RG Global Lifestyles, Inc.
RG Global Lifestyles, Inc. develops and markets innovative technologies
for water purification and wastewater treatment. Major energy production
companies have selected RG's proven CFS technology to economically treat
coal bed methane wastewater, ma
|SOURCE RG Global Lifestyles, Inc.|
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