EMCORE Corporation Completes Its Sale of WorldWater & Solar Technologies Corporation (Entech Solar, Inc.) Shares for $5.9 Million Tuesday January 20, 4:05 pm ET
ALBUQUERQUE, N.M., Jan. 20 /PRNewswire-FirstCall/ -- EMCORE Corporation (Nasdaq: EMKR - News) a leading provider of semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets, announced today that it has completed the second closing of a two step transaction involving the sale of its remaining interests in the company formerly named WorldWater & Solar Technologies Corporation (OTC Bulletin Board: WWAT - News), now named Entech Solar, Inc. In the second closing, the Company sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.9 million. This completes the divestment of all of EMCORE's equity interests in WorldWater. With the completion of this last sale in a series of four sales transactions, EMCORE has realized a 75% return on its investment in WorldWater securities. Based on this transaction and changes in WorldWater's business plan, EMCORE has terminated the operational agreements between EMCORE and WorldWater. |