Helix Wind Corp. (HLXW.OB) Receives Bridge Financing from St. George Investments

 @ibtimes on February 12 2010 5:49 AM

Helix is a global renewable energy company that is engaged in the design, manufacturing and sale of small wind vertical axis turbine designed to generate clean and renewable energy. Today, Helix announced that they have received the second tranche of bridge financing from St. George Investments, LLC.

Helix made the announcement they had secured a bridge loan from St. George on February 8 of this year in the total of $585,000. This second tranche was in the total of $185,000 and could lead to big things for the future of Helix.

Leading the way at Helix is Ian Gardner who serves as the Company’s CEO. Gardner is a rising star in the industry and his early career included extensive international private power work on Duke Energy’s development team, acquiring and building large scale generation and distribution projects in Latin America, Australia, China and Southeast Asia. Gardner would then leave Duke to become the lead analyst for the Boston Consulting Group’s International Energy and Utilities practice group headquartered in San Francisco. For the next two years he worked in Latin America, Europe and Australia on projects in the electric and natural gas industries. After completing his MBA from UCLA, Gardner’s focus shifted to technology and he spearheaded several startups in the broadband media and wireless spaces raising over $10MM in funding.

Gardner has a proven track record and is an aggressive leader. When asked what the bridge funding from St. George could potentially mean to Helix Wind, Gardner was quoted as saying, “We are pleased to have completed receipt of all funding envisioned in the bridge financing transaction with St. George. With the bridge financing completed, we can focus on securing long-term capital necessary for Helix to pursue the numerous growth opportunities the company has identified. While the Company needed to take action to reduce expenses, we’re hopeful that such reductions are temporary until we are able to raise the capital necessary to sustain our operations long term and prepare Helix for growth.”

Currently, Helix Wind is trading in the $0.54 range, far from where it was trading just a month ago. With this morning’s announcement of receiving the second tranche in bridge financing, Helix Wind has the potential to rebound and bring a quick return to investors.

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