AFV Solutions raises $4.75 million from private placement of units

By Sheri Kasprzak

New York, May 11 - AFV Solutions, Inc. has concluded a $4.75 million private placement.

The terms of the unit offering could not be determined by press time Thursday.

The proceeds from the deal will be used for working capital to support operations for the next two years.

Located in Irvine, Calif., AFV develops technologies used to convert compressed natural gas into fuel for vehicles.

The stock fell 40 cents, or 3.54%, to end at $10.90 (OTCBB: AFVS).

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