The Coretec Group Completes Financing Agreement with Diversified Alpha Fund
Funding to Accelerate Commercialization of Coretec's Proprietary CHS Technology
TULSA, OK / ACCESSWIRE / October 16, 2019 / The Coretec Group, Inc., (OTC PINK:CRTG) (the "Company"), a Company developing a portfolio of silicon-based materials ("CHS") to pursue commercial development of products in energy-focused verticals, and the Diversified Alpha Fund, LLP ("DAF"), a Cayman based regulated mutual fund, announced today they signed an Investment Agreement for a $2.5 million investment in The Coretec Group. The funding will take place over the next 15 months, beginning with the first advance received by the Company in October 2019. The instrument is interest only for 12 months with monthly principal and interest repayment over 36 months thereafter.
A CHS supplier has been identified and an agreement is expected in the near term. A number of parties have expressed non-binding interest in acquiring CHS once a source of supply is established.
Coretec CEO Michael Kraft said: "We're very pleased with the DAF investment. It allows us to build momentum in market adoption and commercialization activities. I thank Coretec shareholders for their continued confidence in Coretec and our technology portfolio."
The DAF funding will accelerate the commercialization of Coretec's proprietary CHS technology that could be targeted at enhancing performance in the following significant global markets: Li Ion Battery/Energy Storage Materials ($20B), Solar ($148B), LED ($22B), Semiconductor Materials ($50B), Medical QDots ($5B), and 3D Displays ($100B).
Simon Johnson, Fund Manager, said, "working with The Coretec Group and their associates has been an encouraging and enlightening process when we see what the future plans hold and the commercial potential of this business. The Fund is delighted to be working with the company and building on its previous successes."
About The Coretec Group, Inc.
The Coretec Group, Inc. (the "Company") utilizes a portfolio of silicon-based and volumetric display materials to pursue commercial development of products in energy-focused verticals such as energy storage, solar, and solid-state lighting, as well as printable electronics and 3D volumetric displays. For more information, visit www.thecoretecgroup.com.
About the Diversified Alpha Fund, LLP
The Diversified Alpha Fund is a regulated Mutual Fund designed to provide investors with results that exceed market expectations and create yield factors, while simultaneously protecting and managing against risk. For more information on the fund please contact Simon Johnson or Simon Calton at +44 1793 858258.
The Coretec Group, Inc.
SOURCE: The Coretec Group Inc.
View source version on accesswire.com:
Released October 16, 2019