Open Energy sets minimum conversion price on 0% convertible debentures

By Sheri Kasprzak

New York, Aug. 18 - Open Energy Corp. has determined a minimum conversion price on $5.25 million in principal of 0% subordinated convertible debentures first issued in February 2006.

The debentures will be convertible at a price not to fall below $0.05.

Under the original terms, the debentures were convertible at $1.46, subject to change.

Also, the minimum strike price on the warrants issued in the offering will be $0.05. The warrants were originally exercisable at $2.23, also subject to change.

The warrants, for 2,354,261 shares, expire Jan. 11, 2011.

The debentures are due July 31, 2008.

Open Energy, based in Solana Beach, Calif., develops renewable energy resources.

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