ITEM 8.01. Other Events

On June 17, 2009, the Company issued its press release announcing that it has completed the sale of 1,225,000 shares of common stock at $8.50 per share pursuant to the Company's existing shelf registration statement (the "Closing Press Release"). The company raised $10.4 million in gross proceeds, prior to deducting underwriting discounts and commissions and offering expenses payable by the Company, which the Company expects to use for general corporate purposes, including investments in long-term assets to complete its integration objectives. A copy of the Closing Press Release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description
99.1 Press Release dated June 17, 2009 of HQ Sustainable Maritime Industries, Inc.

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