SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 1, 2015
CLEAN ENERGY TECHNOLOGIES, INC.
(Formerly known as Probe Manufacturing, Inc.)
(Exact name of registrant as specified in its charter)
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Nevada
| 333-125678
| 20-2675800
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(State or other jurisdiction
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| (IRS Employer
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of Incorporation)
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| Identification Number)
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150 Baker Street E.
Costa Mesa CA 92626
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| (Address of principal executive offices)
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Phone: (949) 273-4990
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| (Company’s Telephone Number)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure
Probe Manufacturing, Inc.’s (the "Company") management will present to members of the investment community as part of a road show on Tuesday, December 1, 2015. A copy of the investor presentation to be used during the road show is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information set forth in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit No.
| Description of Exhibit
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99.1
Investor Presentation Package of Probe Manufacturing, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Probe Manufacturing, Inc.
Date: December 1, 2015
By: /s/ Kambiz Mahdi
Kambiz Mahdi
Chief Executive Officer
Clean Energy Technologies Inc.
(OTC: PMFI)
Disclaimer
This Information Overview does not contain all of the information necessary to make an evaluation of the business or prospects of Probe Manufacturing, Inc.
and its consolidated subsidiaries (together, the “Company”) and does not contain or constitute a representation or warranty of any nature whatsoever. The
Company expressly disclaims any and all liability which may be based on the Information Overview or any of its contents, errors therein, or omissions
therefrom. This Information Overview includes, and other written or oral communications may contain, or may have contained, certain statements,
approximations, estimates, and projections provided by the Company with respect to the anticipated future performance of the Company and the industry
within which it operates (“Forward-Looking Statements”). These Forward-Looking Statements involve risks and uncertainties, including without limitation
risks and uncertainties associated with general market conditions, competition, and pricing. The Company believes that the Forward-Looking Statements
made by it are based upon reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained
in such Forward-Looking Statements. The recipient shall be entitled to rely solely on representations and warranties made to it in a signed definitive
agreement relating to a transaction, if any. The Company is not under any obligation to, or expects to, update or otherwise revise this Information Overview
or other materials supplied herewith.
In accepting receipt of this Information Overview, you agree to the basis on which this information is provided to you, as follows.
To treat as confidential the contents of this document and any discussions arising therefrom, and not to distribute, reproduce or use this document
without the express consent of the Company or to use it for any purpose other than to evaluate the opportunity described herein.
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opportunities relating to the Company. This document does not guarantee the commercial or financial results of the strategy or any investment
opportunity.
The information contained in this Information Overview, including market data, has not been independently verified. We do not make any representation
or warranty as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, the opinions, or the
estimates contained herein. The information, estimates and opinions contained in this presentation are provided as at the date of this Information
Overview and are subject to change without notice. In addition, projected financial information, or references thereto, relate to indicative information
that has been prepared for illustrative purposes only.
Any projected financial information has been prepared by the Company based on multiple assumptions. For a complete understanding of any such
information, a reader should have a complete understanding of all such assumptions. The realisation of any projected financial results depends on the
continuing validity of the assumptions on which they are based. The assumptions on which projected financial information contained herein are based
are subject to change based on new or more accurate information, changed circumstances, and other developments. We accept no responsibility for the
realisation or non-realisation of the projected financial information. Actual results are likely to be different from those shown in the projected financial
information because events and circumstances frequently do not occur as expected, and the differences may be material.
No securities regulator has examined or approved the content of this Information Overview.
Confidential
2
The Company
Public Company – Clean Energy Technologies, Inc.
o Identify, acquire, and develop leading clean energy and clean technology
solutions
Clean energy and clean technology focus
Utilize CETI’s relationships and expertise to identify key technologies that match
strengths and capabilities in manufacturing, supply chain management, unique
business models and clean technology
o IInniittiiaall AAccqquuiissiittiioonn –– GGeenneerraall EElleeccttrriicc’’ss HHeeaatt RReeccoovveerryy SSoolluuttiioonnss bbuussiinneessss
Proprietary HRS turbine technology for organic rankine cycle
Matches CETI manufacturing and engineering strengths
o Engineering & Manufacturing Services - Base of Support
Stable source of revenue
Skills and resources in support of GE HRS
Business & I/P through acquisitions – Trident Manufacturing
Confidential
3
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Background
Leverage Core Expertise
Product life Cycle Management from
concept to fulfillment
Customer
Clean Energy Technologies Inc. - Growth Strategy
CETI
CETI
GE Heat
Tech. & Mfr.
Recovery
Future
Services
Solutions
Acquisitions
Product
Waste heat generators
Energy Efficiency
DDeevveellooppmmeenntt
SSeellll eeqquuiippmmeenntt
CClleeaann TTeecchhnnoollooggiieess
Manufacturing
Sell by kwh
Renewable energy solutions
Project Mgt.
Licensing
Storage
Global Sourcing
5 Yr. Revenue Projection
Future equity plays
5 Yr. Revenue
~ $100M in Equipment
Projection
Sale and $70M of Lease
~ $5M-$15M
Contracts , $5-$15M
Licensing
CETI new public company identity
Heat Recovery Solutions business still markets under same business & product name
Manufacturing services…consolidation savings by manufacturing HRS products
CETI identifies future product, partner & business growth opportunities to leverage into
existing overhead structure and competence …IP ownership & equity opportunities
Confidential
5
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Heat Recovery Solutions (HRS)
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HRS Clean Cycle Product
HEAT
ELECTRICITY
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Inside the Clean Cycle package
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HRS Differentiators
Core technology
Packaging
Integrated power module
Single part number, turnkey
Mag lev bearing generator
Product, not a project
Lower maintenance: no oils, no lubricants
Same unit used on all heat sources
HRS Applications
>100 units installed by GE w/ >1 million fleet operating hours. Som e examples include:
Diesel Recips
Gas Recips
Biomass
Often 10+ engines per site
Landfill & biogas applications
Wood & harvest waste
1 unit on CAT diesel
1 unit on 2 GE engines
2 units on biomass boiler
>70 GW installed & growing
>60 GW installed & growing
>1,000 boilers / incinerators
1 Clean Cycle / ~2MW
1 Clean Cycle / ~2MW
1-5 Clean Cycle units / site
Focus: remote utility, industrial
Focus: biogas, landfill, EU, Asia
Islands, Italy
Same core package design & technology used across applications
Confidential
11
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HRS Growth Strategy
Business model
Components of a good heat to power project
Historically, we have sold through channel distributors
Enough heat (~1MWth/unit)
Challenges with high capex & we get little service revenue
Continuous operation
Today, we focus on a ‘pay as you save’ lease model
Moderate to high electricity rates
Customers save $ each month; low up-front cost – ease of
Customers see additional benefit if they need capacity (e.g.
customer conversion
Indonesia) or have a green or clean energy agenda (e.g. Aruba)
HRS locks in a 10+yr annuity with favorable IRR
3 commercial paths
Maintain equipment sales
Grow leasing
Existing channels
Dist. energy utilities w/big engine fleets
Incentive markets (EU, UK, JPN)
Focus on Pacific Rim, Caribbean
Many, dispersed different customers
Expansion – ANZ, Lat Am, Africa, EU
Refer leads we get to existing channels
Few end users with many opportunities
Release new pkg system w/specifications
We want to be an attractive energy efficiency solution for customers
β*”ãÁA&ú*e,LüGãñ¸?(|GG®ç-Dwpcå½b)ÉŒ$i´l¸x[Ö;2Cã59&on±i)hš–‰fiflÑi.*+Xkü“lÀMN>’A`Èf¿>Gfie1<ÅÒ@,õwÛÈ©8èñ(hWݳve1ÝpoÙ+(“EjÛ4**9ÂV²v)®óW“®ÃufT¼Ò¥Xdò†Cúd-,ü}TEIvQTqv0v1758v-6v-0v3060v528vcmTBIT/CS/RGBT/Wv293T/Hv1T/BPCv8T/F/FlT/DP<</Predictorv15T/Columnsv293T/Colorsv3>>TIDvxœ–R«rÝ0G=e2ÛeWPÐelK`à–MQoYi*¡,´-ý—Ð|‡ËrZÍb(¨0-Ó®-ûpf:Ói;û<çxå2ÁA.ih—Û©<÷HÉ;gi+tFÌ°81k.-53Ç*<gd*ŒWåC’báG¾ìoçåm”S-‡“Eán'NIUȸüËÃ÷¡.q³'z(>œ™T|$:<(ÂÐÇyéwvβ[ÑRæ`r¾*þúò2nf¡*m]¥y™ebHgÃ`fiY5h*®ÊXŒôøëqo(çñv¸_Ð*…ò0Ä?ÇfO¿KÊwo6æQ-ahcw+šS±KW¨ã85ýÿ5ûR>>lCõC0Ë<ÇV,¢/aêI*P.3-l¨GùäñãaFauÇLk·óõi²i(ų|-'lÛ'2hÍq¸ÿvw·«cyq9”*$f*2bwQ5g>>eö¡ÂjV·¶,*Ûβflc’ÎøEZn.Q2*qiYêfvÎÁÖÛ*9¸pIi¯ÿrXQÖf¯*l¨2º’±°*si?vflʵ>>Zëºv<eÍ>>rX=ÞxLQ9Ø®ÅaJ‰½0KÿJ¼éÌ×E¤d~+i׸^{mEÞКõD>Q·ÀêÚ.fiõ/T–osTEIvQTqv0v1758v-6v-0v3066v528vcmTBIT/CS/RGBT/Wv293T/Hv1T/BPCv8T/F/FlT/DP<</Predictorv15T/Columnsv293T/Colorsv3>>TIDvxœ}R«vå0eTZÌ’rCCŠå~B`iŠuYi*cÿ¢t*áÂÀflå²tT:Ìfr9¹¯Ý=¡r”c‘åZ±ä/G<¥´w¡rETáøÿ<ì4×Àvyö°?ÿ=ZtWfl²-TOTôÌÃÐCÖñ´<<'J¥À-C©hW•²oWErËØq0°?(N³¤wû1£MwnŒ¯w—¶(fçh;nQå§áiÅG=.Ic¤·)?§i¼W7]ø6Ì•Ý*<6rDu”1kláõša©Ë´*ç,/*¯ÚEËùýëT@Oógxtµ¶Sz}†ÚE[u/&pþ1Î×RÐ6Œ/<Zo|t}f¡•«äìBC.MÓKótG-¢Æiõ'bMA<:³)fc+*ÖSdF*50*ÃÖrHµœ¥Ú§g_ltβÇGûæg9.Çc0œqw™•9'dœ¤8kÍÖrÍ-Š—=e1ljé¹1Ûã©¥ì)×lÚdýⱆ¥f5ÑÒx6WÛRÁCŒ]ë_Ñà@êmlAØ<-miβjÈÁ/95?f;x’¤ä£’9¸0WÛ5Ä™¯óënfib-1-ËZÐreø¶4Nfi8$p¸¶Ø®p?ùuXáý}TEIvQTqv0v1758v-6v-0v3072v528vcmTBIT/CS/RGBT/Wv293T/Hv1T/BPCv8T/F/FlT/DP<</Predictorv15T/Columnsv293T/Colorsv3>>TIDvxœUR-lw1eι*K(¸l…uorä®c*¿A¹òΚ]>DθEFr׺F^ÚÂÂõy&fi¼Mβ|þTC‡hZ)Æ,1-’&C`lJJTè:øat|Å|KÉ-ÿø*AÂ+—l|oÿyh7*Zq>/פŒáçv¸åjdQ̹l]*Ò¯l/Évä<*³vg*¸;$A'ü¡rei>öÓFŠë¸‡Íþ“Ãèa0ov<¾¿/Ëò™@}.äygw<1[.è}pYÊve*°wYJú8IGŒβ*OaÜùå~¿Ta£º|~~y¶Qoâ^ÄÂÒCy-J*þb¤—hþœNñ^EôÛ×æ¼I*t¡×*0Ú;‰7Ù>ów<Ô®ÃÅòMÈÓ&‡<ÿ;-BGI.çÙ
éû®t¢l¥ìÖèÚbβ*r”§Ó9—éû®t¢l¥ìÖèÚbβ*r”§Ó9—Ñ.Tøõ¼S<©b9q®<œmSWŠm1el.ãg·uT”œs·råH@ñPœn>…fÁJ~'OzœsWÇÈÊ®KÜD™¶ËÞ¾{DäåK¿|_™Z7e;~iQ†½.Cb_1ë(Z>â2uzy5·—m9si:øIÝiH²^az¿ÛÿC.Q0Wç-ÄumÖƉÅiQ‰·¥G?wCÀ´ç>>Nâú0Ýtÿ2pþz÷‰3*ÿo¢uúmTEIvQTqv0v1758v-6v-0v3042v528vcmTBIT/CS/RGBT/Wv293T/Hv1T/BPCv8T/F/FlT/DP<</Predictorv15T/Columnsv293T/Colorsv3>>TIDvxœuRW{Ü0eÕÿÍ’rCAŠ]XudGË֢є“”îo*llt|ìÆz-†f.³Xn'ffi|·ûV1[ŒôzdIfllÞ.v*ûÉáA;š-þk†]CáGPÉZ‡+¥y*ÙTZªå®*ã**ü2”ÇfiyEàfC|¼¾--XEÌìPT0ád1/H†-rØyÉgËŒÕ8n>GÃ>Ü?*W.óÑ$Ç¡g>l8÷ãñqœ|•°<Q-<tÑiÔTø?g(tîâÅ>>l~“O_?27ý8=WWC(*bpsÖçfβr
Confidential
13
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Huge global waste heat potential – untapped
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Management Team
Board of Directors
Management Team
To be composed of former CETI directors
Key CETI Management
and newly appointed directors
Key New Directors
Kam Mahdi – Co---Founder & CEO,
Director
Meddy Sahebi – Chairman (ETI)
Brad Garner, President GE HRS,
William Maloney – Director
John Bennett – CFO, Director
((BBiiooffuueell))
JJoohhnn LLeerrcchh –– VVPP SSaalleess && BBuussiinneessss
Juah Rouvinen – Director (Wind)
Development
Daniel Elliott – Director (Energy
Bryan Mewhort, VP of Operations
Storage)
Erin Falconer – Director (Leaftv)
New Directors to bring strategic and
industry expertise and relationships
Confidential
15
Pro forma (Un-Audited) Combined P&L ( In Thousands)
Revenue
2016 Total
2017
2018
2019
2020
Probe EMS Revenue
3,925
4,710
5,652
6,782
8,139
HRS Revenue
5,534
12,663
18,572
27,255
37,355
HRS Liscense Revenue
5,000
5,000
5,000
5,000
5,000
HRS Lease Revenue
540
1,446
2,628
4,068
5,508
Total Revenue
14,999
23,819
31,852
43,105
56,002
COGS
Total Cost of Goods
6,182
11,155
15,354
21,369
28,268
GGrroossss PPrrooffiitt
88,,881177
1122,,666644
1166,,449988
2211,,773366
2277,,773344
Gross Profit %
59%
53%
52%
50%
50%
Gain from Inventory usage
1,029
1,000
-
-
-
Total G&A Expenses
3,672
4,072
5,054
5,945
7,006
-
-
-
-
EBITDA
6,175
9,591
11,444
15,791
20,728
* Lease revenue requires project financing (initial Marshall project paid up)
Confidential
16
Un-Audited – Pro forma Balance Sheet Non-GAAP **
Proforma
Additional Value Acquired
with Value adjustments
Actual from 10Q
HRS/ GE numbers from
Post Acquisition
as if we paid market value for
September 30, 2015
September 30, 2015
the assets
Assets
Current Assets:
Cash
$
559
$
-
559
Accounts receivable - net
429,834
2,150,000
2,579,834
Inventory
1,312,656
4,254,000
5,566,656
Total Current Assets
1,743,049
6,404,000
8,147,049
Property And Equipment - Net
229,962
658,000
887,962
HRS License and Intelectual Property
2,736,000
2,736,000
Other Assets
976,581
-
976,581
Total Assets
$
2,949,592
$
9,798,000
$
12,747,592
Liabilities And Stockholders' ( Deficit )
Total Liabilities
3,589,558
-
3,589,558
Total Stockholders' Equity
(639,966)
9,798,000
9,158,034
Total Liabilities And Stockholders' Deficit
$
2,949,592
$
9,798,000
$
12,747,592
Pre HRS
Post HRS
Avg Price per share
$
0.08
$
0.10
Outstanding Shares
34,461,444
139,371,767
Market Cap
$
2,756,916
$
13,937,177
Confidential
17
Capitalization – Share Ownership
Primary Shares
No
%*
Strategic Investors
61.79
44.28%
Cap Structure
Strategic Investors
Insiders & Directors (in millions)
5.95
4.26%
BFG International
Management
48.83
34.99%
Windstrip LLC
Energy Technology
Float
22.96
16.46%
Innovations
Total Outstanding
139.52
100.00%
Luxus Micro
Preferred Stock (Common Eq)†
9.4
6.28%
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NNoo
EExx.. PPrriiccee OOtthheerr IInnssiiddeerrss
Warrants
0.3
$0.50
Management
Warrants
0.375
$0.10
Warrants
0.375
$0.20
Options
0.108
$1.40
Total
1.158
Fully Diluted Total
150.08
*Share percentages shown are duluted percentages, giving
effect to the Preferred Stock, Warrants and Options outstanding
*Public float to be increased through new investors
†Preferred Stock conversion calculated at floor price of $0.08
and direct issuances by the company, with insider
per share.
holdings long-term pending re-IPO expected in 2016
or 2017.
Confidential
18
♣
♣
Competition
Known <500kW in-field ORC*
Primary competitors
HRS
43
Mitsubishi Heavy
Turboden line focuses on >500kW apps; 200+ in-field units
Turboden
Industries
Purecycle: 250W EU push with low cost units from inventory
Tri-0-Gen
11
50-70kW unit based in US. Moving into Eastern Europe
13
Electratherm
120
160kW unit; high condensing temps – 8 JB installations
Purecycle
17
Rumored to be for sale; also set up LLC to buy heat, sell power
(UTC)
17
Other /
Industry filled w/ sm. start-ups <5 installs; largely pilots
unknown
other
Voith emerging; ~40 kW steam cycle ; larger system next year
*Compiled by websites, conferences, brochures,
Bosch purchased Kohler-Ziegler; similar expander technology
eettcc..
AAnnaallyyssiiss
Many early growth stage
Our Edge
Technology
HRS leads in core technology I/P; not controls, fluids & HEX patents
Proven, reliable product solution
HRS product roadmap improves position (BOP, CHP, efficiency, install cost)
Ease of integration/operation
Wide operating range
Slow gestation for OI: delayed FIT’s, limited capital, design fuel delivery (BOP)
Safety: Non-flammable fluid
Direction > full turnkey; integrated solutions
Turn key solutions
Engine competitors aligning with ORC
Wartsila: engine combined cycle program; MOU for marine ORC with Turboden
Caterpillar: ‘bottoming cycle’ program called ARES funded by DOE; developing landfill pilot with Voith
MAN diesel: agreement with Opcon for Marine applications
Cummins: 5 WH2P & ORC related patents filed in recent years; exploring ORC development for both gas & diesel
12/1/2015
Confidential
21
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Product Path
Average sales amount by product type
Incremental value via GE paid
$1,200,000
product enhancements:
Recurring
$1,050
o HRS share of the deal increases
$1,000,000
Initial sale
o Revenue upsell: 1 unit lease =
$800,000
sale of ~6 CC125 units
493%
o Increased GM 15% >30%
$600,000
$450
o Ease of service &install
$400,000
o Increased commonality
$$222255
$200,000
$157
CETI HRS strategy:
o Discontinue CC125
$-
o Sell CCII to packagers > SPV
CC125
CCII
Package
10 yr. Lease
o Sell packages to large
utilities/OEM
o Lease to small utilities/IPP’s
Confidential
22
Regional Structure
Pkgr
Local
HRS
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HRS cost reduction journey
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Economics of a deal
Example lease economics
Results
Assumptions
1,552,000 kWh of avoided diesel fired generation per year
2x6.1MW engines, one runs at a time
96,000 gallons of diesel fuel saved per year
$3.28/gal fuel cost to run engines
2,336,000 pounds of GHG avoided per year
2 Clean Cycles, each running at 97kW
Rental co-charges lease equivalent to ~$0.15/kWh
Benefits ($’s in 000)
Customer
Customer financials
$4,000
Annual net income
Cumulative net income
Capital cost (@ contract)
$50k
$3,000
Original price/kWh
$0.21
$2,000
Clean Cycle price/kWh
$0.15
SSaavviinnggss ppeerr CCCC IIII kkWWhh
$$00..0066
$$11,,000000
Annual savings
$94k
$-
15yr savings
$3,156k
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
$(1,000)
Heat Recovery Solutions
HRS financials
$1,500
Capital cost
$950k
Annual OpEx
$20k
$1,000
Charged price/kWh
$0.15
$500
Annual revenue (10 yrs)
$231k
$-
Annual EBITDA
$211k
$(500) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
10yr IRR
20%
$(1,000)
Cumulative net income
$1,305k
$(1,500)
Customer saves on fuel with minimal up-front capital or risk; customer services Clean Cycle
Confidential
26
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Existing Pipeline to Convert
Capital Required to BE
Cummulative Capital
Requirements
In Thousands
Capital Requirements in Millions
Per Qtr
Cumulative
4,000
Q4 2015
2.4
2.4
3,500
Q1 2016
0.8
3.2
Q2 2016
0.2
3.4
3,000
Q3 2016
-
3.4
22,,550000
QQ44 22001166
--
33..44
2,000
Cum Cap Req
1,500
1,000
500
Assumes sale of only $1M of
gratis GE inventory in 2016
-
Breakeven by end 2016
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Confidential
28
Regional Execution
HRS SPV Structure
Clean Energy Technologies (QB) (USOTC:CETY)
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