Blue Sphere Corp Opening of a $20 Million Equity Line of Credit

Indonesia stock info - Blue Sphere Corp Opening of a $20 Million Equity Line of Credit, Blue Sphere Corp. (OTCBB: BLSP) 22 august 2011 ; Blue Sphere Corp. (OTCBB: BLSP) (the "Company", "Blue Sphere" or "BLSP") today announced the signing of a $20,000,000 Equity Funding Facility with Centurion Private Equity, LLC ("Centurion"). Centurion has committed to purchase for cash consideration, subject to certain conditions and limitations described in the agreement, and subject to an effective registration statement, up to an aggregate of $20,000,000 of BLSP's common stock over the next 36 months. Under the Equity Funding Facility, the Company may, at its discretion, periodically sell to Centurion shares of BLSP's common stock at a price based upon a discount to the market price (as defined in the investment agreement) of the Company's common stock.

Mr. Palas, Blue Sphere's Chief Executive Officer, commented: "Thanks to the efforts of JSBarkats PLLC our corporate securities attorneys and specifically Sunny J. Barkats its founding partner we were able to identify and secure this financing that allows the Company to access some liquidity to be used for developing and expanding our business." In addition, Mr. Paul Gorski, Private Equity Manager at Roswell, added: "We are very excited to be working with Blue Sphere and look forward to providing them with the necessary capital and support to achieve their full potential in the coming years. We are also interested in assisting the Company with its expenditure in the Asian markets at a micro level."

On August 19th, 2011, the Company as appointed Amit Zilbershtein to replace Alex Werber as our Chief Financial Officer. Mr. Zilbershtein is a Certified Public Accountant with 10 years of financial management and auditing experience in privately held and publicly traded companies. He has served as Controller for two Venture Capital Funds since 2007, and prior to that as Senior Manager at Ernst & Young Israel, the leading accounting firm in Israel. He obtained a B.A. in Economics and Accounting from Ben-Gurion University, where he completed post-graduate studies in Accounting.

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