CALGARY, Alberta, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. (the “Company” or “Eguana”) (TSX.V:EGT)(OTCQB:EGTYF), a designer and manufacturer of high performance residential and commercial energy storage systems is pleased to announce it has entered into a loan agreement for general working capital of $1,300,000 (the “Loan”) on August 22, 2018 with its largest shareholder DHCT II Luxembourg SARL (the “Lender” or “Doughty Hanson”).
“The ongoing support from Doughty Hanson has been tremendous, this agreement will provide critical working capital allowing Eguana to set global finished goods inventory positions at a time when product availability is crucial for stationary storage companies’ success” stated Justin Holland, CEO of Eguana Technologies. “Shrinking lead times for our partners has been a recurring request, particularly in recent months, these funds will go directly into securing material availability as our new partners begin sell through and reorder, priming the supply chain for further growth.”
As consideration for the advance of the Loan, which has a second priority lien on all the assets of Eguana and its material subsidiaries, the Company has issued 1,238,095 non-transferable common share purchase warrants (the “Warrants”), entitling the Lender to purchase an aggregate of up to common shares of the Company at a price of $0.21 per common shares for a period of three (3) years from the date of the Loan.
In addition, the Company confirmed it has executed a $750,000 USD second tranche draw of the previously announced loan agreement with Silicon Valley based Western Technology Investment.
The Loan and the issuance of the Warrants remain subject to the final approval of the TSX Venture Exchange.
About Eguana Technologies Inc.
Based in Calgary, Alberta Canada, Eguana Technologies (TSX.V:EGT)(OTCQB:EGTYF) designs and manufactures high performance residential and commercial energy storage systems. Eguana has two decades of experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications, and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is one of the leading suppliers of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech
| Company Inquiries |
| Justin Holland |
| CEO, Eguana Technologies Inc. |
| +1.416.728.7635 |
| Justin.Holland@EguanaTech.com |
Forward Looking Information
Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, the "forward-looking statements") within the meaning of Canadian securities laws, and is subject to numerous risks, uncertainties and assumptions, many of which are beyond the Company's control. This forward-looking information includes, among other things, statements pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds, the Company's ability to obtain necessary approvals from the TSX Venture Exchange and information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, to obtain capital and credit and to protect its property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.
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