New Issue: Smart Energy raises $1 million from two convertible notes

By Sheri Kasprzak

New York, May 25 - Smart Energy Solutions, Inc. settled two private placements of convertible notes for a combined $1 million.

The company issued two $500,000 convertible promissory notes to EGFE, Ltd.

One of the notes bears interest at 15% annually and is due on June 4, 2007. The other also bears interest at 15% annually and is due on May 24, 2007.

The notes are convertible at 95% of the average of the last bid and ask prices of the company's stock for the five trading days before conversion.

Smart Energy, based in Clifton, N.J., develops a security device that attaches to a car battery to prevent theft.

First issue

Issuer:	Smart Energy Solutions, Inc.
Issue:	Convertible promissory note
Amount:	$500,000
Maturity:	June 4, 2007
Coupon:	15%
Price:	Par
Yield:	15%
Conversion price:	Equal to 95% of the average of the last bid and ask prices of the company's stock for the five trading days before conversion
Warrants:	No
Investor:	EGFE, Ltd.
Settlement date:	May 22
Stock symbol:	OTCBB: SMGY
Stock price:	$0.55 at close May 22
Second issue
Issuer:	Smart Energy Solutions, Inc.
Issue:	Convertible promissory note
Amount:	$500,000
Maturity:	May 24, 2007
Coupon:	15%
Price:	Par
Yield:	15%
Conversion price:	Equal to 95% of the average of the last bid and ask prices of the company's stock for the five trading days before conversion
Warrants:	No
Investor:	EGFE, Ltd.
Settlement date:	May 22
Stock symbol:	OTCBB: SMGY
Stock price:	$0.55 at close May 22

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