New York City, United States [RenewableEnergyWorld.com] Clearview Acquisitions Inc. announced that it has completed its previously-disclosed acquisition of Helix Wind Inc. Helix Wind manufactures and sells small wind turbines designed to have a generation capacity of 2.5-5 kilowatts.
Clearview acquired 100% of Helix Wind in consideration of approximately 20.5 million shares of common stock. As a condition to the closing, Clearview issued US $650,000 of 9% Convertible Notes and warrants. The convertible notes issued by Helix Wind in the aggregate principal amount of $1.9 million were exchanged for the 9% Convertible Notes issued by Helix Wind.
“We’re excited to close the transaction with Clearview Acquisitions,” said Scott Weinbrandt, Helix Wind’s chairman and president. “This is the first phase in our comprehensive business plan, which includes an initial capital round. From here we are looking forward to executing phase two of our plan including but not limited to a capital raise of up to $3.5 million. These funds will allow our shareholders to realize Helix Wind’s full value by enhancing our product portfolio, manufacturing process and channel partners.”