MELVILLE, N.Y.--(BUSINESS WIRE)--Leslie J. Kessler, President and Chief Executive Officer, Water Chef, Inc. (OTCBB: WTER - News) is pleased to announce that during the fourth quarter 2007 it has raised $800,000 in a private placement of shares of its common stock towards its goal of raising over $1,000,000. The company’s new Chief Financial Officer, Terry Lazar invested $100,000 at 5.07¢ per share and Gil Tenne, Chief Technology Officer has invested $100,000 at 4.43¢ per share in this private placement. The company expects to raise additional funds in 2008.

According to the terms of the Stock Purchase Agreement, shares are purchased at the ask closing price of the common stock averaged over the three previous days on the OTCBB. Each purchase comes with a Common Stock Purchase Warrant equal to twenty percent (20%) of the shares purchased with an exercise price equal to one hundred and twenty percent (120%) of the price paid for the common stock.
The funds have been earmarked for funding the completion of Water Chef’s new First Response Water Trauma System and for working capital.

Leslie Kessler, CEO, has personally made a $50,000 loan to the Company. She has agreed to convert this loan into shares of common stock based on upon the formula established on March 8, 2007 when the loan was made. The purchase price for these shares was 50% of the average closing price on the three trading days prior to conversion which was 5¢ per share.
Shaul Kochan, the Company’s Consultant for International Market Development has previously invested $100,000 in the Company’s common stock at 10 cents per share.

The shares of common stock issued in the private placement and share purchases described above have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to or for the benefit of U.S. persons unless so registered except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws in such other jurisdictions. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the preferred stock or warrants, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
From time to time, information provided by the Company (including but not limited to this release), statements made by its employees or information included in its filings with the Securities and Exchange Commission may contain statements, which are so-called "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. With respect to such forward-looking statements, we claim protection under the Private Securities Litigation Reform Act of 1995.

The Company's results may differ significantly from those stated in any forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including, but not limited to, product demand, pricing, market acceptance, litigation, risks in product and technology development and other risk factors detailed from time to time in the Company's Securities and Exchange Commission reports including, without limitation, its Form 1-KSB and Forms 10-QSB