American DG Energy Announces $1.6M Private Placement

American DG Energy Inc. ADGE today announced that it has entered into a definitive agreement to sell restricted common stock for aggregate proceeds of $1,600,000 to Dr. Phillip Frost through one of his trusts. Pursuant to the agreement, the Company sold to Dr. Frost 1,000,000 shares of restricted Common Stock at $1.60 per share at an aggregate purchase price of $1,600,000. The proceeds of the private placement will be used to fund additional installations of the Company's On-Site Utility energy systems and for general corporate and working capital purposes.