CALGARY, Alberta, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Eguana Technologies Inc. (the "Company" or "Eguana") (TSX-V:EGT) (OTCQB:EGTYF), one of the leaders in power conversion and control systems for distributed energy storage is pleased to announce that it has entered into a loan agreement for general working capital for up to US$3,000,000 (the "Loan") on December 20, 2017 with Silicon Valley based Western Technology Investment (the "Lender" or “WTI”).
“We are excited to partner with an experienced growth lender who understands the important role technology will play in the energy storage movement and has a history of backing successful technology companies,” stated Justin Holland, CEO of Eguana Technologies. “Proceeds will immediately allow additional container shipments to Hawaii and provide a smooth transition to our contract manufacturer to manage our near-term growth projections in Australia and Europe. Additionally, we will be in position to replace the balance of prior participating debentures with a lower effective interest rate.”
As consideration for the advance of the Loan, which is secured against Eguana and its material subsidiaries, the Company has issued common share purchase warrants (the "Warrants"), entitling the Lender to purchase up to an aggregate of up to 2,951,733 common shares of the Company at a price of $0.17 per common share for a period of five (5) years from the date of the Loan.
About Western Technology Investment
Founded in 1980, Western Technology Investment (WTI) pioneered the concept of venture debt. The firm provides minimally-dilutive, truly usable capital to high-growth, public and private, technology and life science companies. For more information, please visit westerntech.com.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX-V:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years’ 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 Statements
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, 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.