Ecology Coatings, Inc. (OTC Bulletin Board: ECOC), 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.