NEW YORK, NY -- (Marketwire) -- 06/16/11 -- World Health Energy Holdings, Inc. (OTCQB: WHEN) (PINKSHEETS: WHEN), a public holding company focused on Algae tech and Algae-Biodiesel turnkey projects for the production of biodiesel and fish food for commercial fish farms, announced today that the company signed an engagement letter with Millennium Capital Resources (MCR) LLC to raise up to $100 million in working capital through non-equity financing. As an integral part of the capital raise, MCR is to facilitate the issuance of loan guarantees from the World Bank.
The use of proceeds of the non-dilutive capital raise is to finance planned algae farm projects in India. The projects will utilize the GB3000, an Algae Enhancement Technology used for the efficient production of rapidly growing algae.
Millennium Capital Resources LLC is a project development and financial advisory firm focused on providing institutional equity, secured and mezzanine loan capital, corporate advisory services and merger and acquisition services to middle market companies and to its deal partners. To date, Millennium Capital has closed over 7 billion dollars in deals.
The firm was founded to provide project development services as well as financial and advisory services to companies operating in the middle-market.
Millennium focuses on private companies with revenues under $500 million, which face a complex and unique set of growth, capital and liquidity issues. Large Wall Street firms and regional investment banks typically focus their resources on larger transactions and often ignore the business and financial needs of companies with good revenue streams but lacking certain elements that large investment banks feel are important to execute a market deal.
Millennium has a long history in the mining and minerals sector as well as the conventional and alternative energy sectors. Millennium's strengths lie in its complete understanding of the political, permitting, project development and management of all types of mining and energy programs, including their financing, institutional equity investment, secured and mezzanine loans. Millennium's advisory services have included major projects for the corporate and governmental areas.
Michael Fromer is the Founder and Senior Managing Director of Millennium Capital Resources LLC and a Founder and Managing Director Millennium Energy Holdings, LLC. He is a senior executive with 35 years of operating, consulting and project development experience in the mining, minerals and energy sectors, as well as financing expertise in various rust belt industries, including plant development, real estate and the surety industries. He leads a well-seasoned team of investment banking veterans
with years of experience of identifying opportunities for its corporate clients and its investors.
Mr. Fromer has been an owner and operator of coal mining companies located throughout Pennsylvania, Tennessee, Virginia, West Virginia and Alabama. As a financial consultant, mortgage banker and investment banker, Mr. Fromer has been involved in arranging major financing for mergers and acquisitions, mining and drilling tax shelters, equipment, debt and equity financings in the coal, oil, gas and alternative energy industries and the equivalents in real estate mortgage financings, real estate tax shelters, sales and acquisitions, including construction financings and sales of apartment buildings, factories and various types of industrial plants in the New York tri-state, Pennsylvania, West Virginia, Tennessee, Kentucky, Alabama, and Utah regions for large industrial, residential and commercial developers. Mr. Fromer's commercial property financings have included major hotels, shopping centers, parking facilities, office buildings, coal mines, cleaning plants, asphalt plants, quarries and quarry plants.
Jeremy Werblowsky, CFO of World Health Energy Holdings, said, 'World Health Energy looks forward to working with Millennium Capital Resources in obtaining the financing, utilizing debt financing and not relying on equity financing. By using non-dilutive financing, World Health Energy is demonstrating its resolve to enhance shareholder value.'
World Health Energy Holdings, Inc. recently acquired GNE-India, an algae technology company with the distribution and licensing rights to a unique and innovative system to grow algae quickly and efficiently for energy and food protein. GNE-India owns and retains the territorial rights for distribution and sales of the proprietary technology to both India and Sri Lanka.
World Health Energy Holdings, Inc. has formulated a business plan focused on biofuels produced from algae, which boasts substantially higher yields in comparison to ethanol derived from corn, rapeseed, jatropha and palm oil. The company also works with visionary enterprises in the multi-billion dollar renewable energy arena producing progressive, broad-based solutions for better physical, nutritional and environmental health worldwide. In addition, the company is pursuing an ancillary use of algae -- the efficient production of high-protein fish feed for commercial fish farms.
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About World Health Energy Holdings, Inc.
World Health Energy Holdings, Inc. is an emerging renewable energy and biofuel company. The company will produce, sub-license and market high-quality, low cost B100 Biodiesel to replace traditional fossil fuels with proprietary algae biofuel systems.
About GNE-India, Inc.www.gne.bz
GNE Global Natural Energy Ltd. is an algae tech company with unique systems to grow algae commercially for energy and food. The Company was founded by top experts in the plant and algae field after several years of Research and Development to create affordable and viable algae biofuel systems.
'Safe Harbor Statement' Under The Private Securities Litigation Reform Act Of 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provision of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause World Health Energy Holdings, Inc.'s actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.
World Health Energy Holdings, Inc.