Page 28 - Glass-Technology International no. 6/2017

businessnews

www.glassonline.com

SolarWindow Technologies, Inc. SOLARWINDOW
has announced that the company has
completed a private placement financ- FINANCING FROM FOUR
ing for approximately 2.6 million USD
from four investors, three of whom MAJOR INVESTORS
have been long-term shareholders
and supporters of SolarWindow. The such as tall towers and skyscrapers, under the United States Securities Act
company intends to use the proceeds which consume almost 40% of all of 1933, as amended, and may not be
from the financing for general work- the electricity generated in the US, offered or sold in the US absent reg-
ing capital purposes, including the the company’s electricity-generating istration or an applicable exemption
further advancement of its previously windows could reduce electricity costs from registration requirements.
announced manufacturing, marketing by 30-50% and shows a one-year As part of the financing arrange-
and product fabrication initiatives for financial payback for building own- ment, the company has agreed to file
its electricity-generating glass prod- ers, which is the industry’s fastest a resale registration statement on
ucts for commercial buildings. published financial return according Form S-1 with the United States Se-
“With this round of financing in hand to independently-validated company curities and Exchange Commission
and a Process Integration and Produc- power and financial modelling. within 30 days of the closing of the
tion Agreement with Triview Glass The financing consisted of the issu- financing for purposes of registering
Industries, an award-winning custom ance by the company of 821,600 units the resale of the shares of common
glass fabricator, we’re moving forward at a purchase price of USD 3.11 per stock issued or issuable in connec-
with turning our first-ever inventions unit, with each unit consisting of 1 tion with the financing.
into first-ever electricity-generating share of common stock and 1 share All securities issued in the financing
windows,” said John Conklin, Presi- purchase warrant, having an initial are subject to a statutory hold period
dent and CEO of SolarWindow Tech- exercise price of USD 3.42 and a of four months plus a day from the
nologies. five-year term. The securities sold in date of the consummation of the
Targeting commercial buildings, the financing have not been registered financing.

PGTI ease employment constraints due to a tight labour market
in the Venice, Fla., area.
SALE OF DOOR GLASS “This is a significant, win-win opportunity for PGTI and
Cardinal,” said Jeff Jackson, president of PGT Innovations.
PROCESSING ASSETS “This enhanced partnership is a strong strategic fit, lever-
aging the two companies’ respective strengths. We invested
TO CARDINAL in glass processing capacity in 2014, a time when no other
company in our industry was investing in those assets, and
PGT Innovations Inc. (PGTI) has sold its assets for process- that investment has paid off with the sale of these assets,
ing door glass to Cardinal Glass Industries for USD 28 generating a 37% annualized return for our shareholders
million. At the same time, the companies announced that they on the investment.”
have entered into a seven-year supply agreement in which Cardinal has been a key supplier for PGTI for many
Cardinal will supply those components to PGTI. years. It has more than 6,000 employees with 37 locations
PGTI will retain other assets such as its window glass process- around the United States, including one in Ocala, Fla.,
ing equipment, its TPS system and where it recently announced a major expansion.
all production facilities, including “We are excited about expanding our partnership with
the glass plant where the equipment PGT Innovations, and the opportunities we will have sup-
sold to Cardinal has been located. plying PGT with their door glass requirements,” said Mike
This will allow PGTI to expand its Wothe, president of Cardinal LG Company. “This relation-
window and door assembly opera- ship has been developing over the past 12 years and repre-
tions to meet increasing demand. sents a powerful opportunity for Cardinal to significantly
In addition, the company plans to expand our presence in Florida, one of the fastest-growing
move about 160 employees into its markets in the nation. We look forward to our collective
window and door assembly opera- growth opportunities and being part of PGTI’s continued
tions and other areas, which should success.”

26 Glass-Technology International 6/2017