June 9, 2009 (FinancialWire) — Vu1 Corp. (OTCBB: VUOC) (Current Market Cap: US$66.06 Mil.) said it has signed a non-binding term sheet for secured convertible debt financing with Full Spectrum Capital, LLC and has received payment of an initial $500,000. The company also said that CEO and director David Grieger has resigned as part of a reorganization of Vu1’s management team.

The total amount of the debt financing will be determined by Full Spectrum, up to $7 million. Should Full Spectrum provide $3 million in financing, it may elect to fund a second round of debt financing to follow, in an amount determined by Full Spectrum, up to $15 million, according to Vu1.

Full Spectrum is a newly formed LLC that is managed by R. Gale Sellers, Vu1’s founder and president. Sellers will take over as CEO of Vu1.

Vu1 said it is also in the process of finalizing renegotiated terms for its manufacturing facility in the Czech Republic operated by the company’s wholly owned subsidiary, Sendio s.r.o.

Seattle-based Vu1 is focused on providing environmentally-friendly lighting solutions. The company is developing a new light bulb.

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