eFleets Corporation announced a private placement of an unsecured convertible promissory note with existing investor Koukis Holdings SA for gross proceeds of $115,000 on August 28, 2014. The note carries an interest rate of 8% per annum and will mature in one year from date of issuance. At the election of the holder, the note may be converted into common stock of the company at a conversion price equal to $1 per share, subject to customary adjustments in the event of reclassification of the company. The company will also issue warrants to purchase 115,000 shares of at an exercise price of $1.20 per share till August 28, 2019.

On August 28, 2014, eFleets Corporation closed the transaction.