July 6, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Solargen Energy, Inc., (OTC: SLGE) has issued 4,121,539 shares of the company's series B convertible preferred stock, at a price of $1.00 per share, plus warrants to purchase an additional 4,121,539 shares of series B convertible preferred stock, with an exercise price of $1.00 per share.

The series B preferred stock and warrants were issued pursuant to the sale of $3,000,000 of series B preferred stock to two private investors, UMC Capital Corp. and Chinatrust Venture Capital Corp., as well as the conversion of over $1.1 million in outstanding convertible loans.

The stock and warrants also have the right to convert into the company's common stock.

Peterson noted that "this infusion of capital comes as we are preparing to enter the next critical stage of development and approval of our 420 MW Panoche Valley Solar Project (the "Project). The retirement of all of our outstanding bridge loans and its conversion into equity provides the company with valuable financial flexibility and liquidity."

UMC Capital Corp. and Chinatrust Venture Capital Corp were lead investors in the series B preferred stock financing.

UMC Capital Corp. was established in February 2001 as the direct investment arm of UMC, a world leading Taiwanese semiconductor foundry.

Chinatrust Venture Capital Corp., the other lead investor in the series B Financing, is a subsidiary of Chinatrust Financial Holding Co., Ltd., one of Taiwan's largest financial services groups.

Solargen Energy is a U.S.-based, solar development company engaged in the development, production and operation of environmentally friendly, large scale, solar projects to deliver electricity to utilities and industrial customers. The company is headquartered in Cupertino, California.

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