(Nanowerk News) Ecology Coatings, Inc., a leader in the discovery and development of nanotechnology-enabled, ultraviolet-curable advanced coatings, today announced that it entered into a new financing agreement with Stromback Acquisition Corporation. Stromback Acquisition Corporation has purchased 240 shares of the company's Series B Convertible Preferred Stock at a purchase price of $1,000 per share for a total of $240,000. Details of the Securities Purchase Agreement can be found in the company's Form 8-K filed with the Securities and Exchange Commission.
The company also announced that in conjunction with the new financing former Chairman Richard Stromback has resigned his directorship from the company's Board.
"On behalf of the Ecology Coatings Board, we would like to thank Rich for his leadership and contribution in providing a strong foundation from which to grow the company," said Ecology Coatings CEO Bob Crockett. "Rich will continue to assist the company in the exploration and development of new financing and revenue opportunities from a consultatory position. We wish him continued success with his many endeavors," added Crockett.
About Ecology Coatings, Inc.
Ecology Coatings, Inc. is a world leader in the development and licensing of cleantech ultra- violet (UV) curable coatings — coatings that improve the products we use daily. Ecology's technology platform allows manufacturers to enhance the durability and performance of their products, while significantly reducing energy costs and increasing manufacturing throughput. The company produces solid coatings which eliminate the escape of harmful solvents into the atmosphere during application. Headquartered in Auburn Hills, Michigan, Ecology Coatings has a development and prototype lab in Akron, Ohio.
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