Eguana Provides Financial Update
Eguana Technologies provides financial updates regarding its debt restructuring and operational changes. The company is negotiating a loan amendment for its outstanding balance of US$6.45M, which went into default in October 2024. The proposed amendment would extend amortization to May 2026 and reduce monthly payments from US$383,378 to US$355,744. Eguana plans to issue new share purchase warrants while canceling existing ones. Additionally, the company announces the closure and liquidation of its Australian subsidiary to focus on North American utility channels. The company's stock has been moved from OTCQB to OTC Pink market under 'EGTYF'.
Eguana Technologies fornisce aggiornamenti finanziari riguardanti la ristrutturazione del debito e i cambiamenti operativi. L'azienda sta negoziando una modifica del prestito per il suo saldo di US$6,45M, che è andato in default nell'ottobre 2024. La modifica proposta estenderebbe l'ammortamento fino a maggio 2026 e ridurrebbe i pagamenti mensili da US$383.378 a US$355.744. Eguana prevede di emettere nuovi warrant per l'acquisto di azioni mentre cancella quelli esistenti. Inoltre, l'azienda annuncia la chiusura e liquidazione della sua filiale australiana per concentrarsi sui canali di utilità nordamericani. Le azioni dell'azienda sono state trasferite dal mercato OTCQB al mercato OTC Pink con il simbolo 'EGTYF'.
Eguana Technologies proporciona actualizaciones financieras sobre la reestructuración de su deuda y los cambios operativos. La empresa está negociando una enmienda de préstamo para su saldo pendiente de US$6,45M, que entró en incumplimiento en octubre de 2024. La enmienda propuesta extendería la amortización hasta mayo de 2026 y reduciría los pagos mensuales de US$383,378 a US$355,744. Eguana planea emitir nuevas opciones de compra de acciones mientras cancela las existentes. Adicionalmente, la empresa anuncia el cierre y la liquidación de su filial australiana para enfocarse en los canales de servicios públicos de América del Norte. Las acciones de la compañía han sido trasladadas del OTCQB al mercado OTC Pink bajo 'EGTYF'.
Eguana Technologies는 부채 구조 조정 및 운영 변화와 관련된 재무 업데이트를 제공합니다. 이 회사는 2024년 10월에 채무 불이행 상태가 된 US$6.45M의 미지급 잔액에 대한 대출 수정안을 협상 중입니다. 제안된 수정안은 상환 기간을 2026년 5월로 연장하고 월 납입금을 US$383,378에서 US$355,744로 줄이는 내용입니다. Eguana는 기존의 주식 구매 권리를 취소하면서 새로운 주식 구매 권리를 발행할 계획입니다. 또한, 이 회사는 북미 유틸리티 채널에 집중하기 위해 호주 자회사의 폐쇄 및 청산을 발표합니다. 이 회사의 주식은 OTCQB에서 'EGTYF'라는 기호로 OTC Pink 시장으로 이동했습니다.
Eguana Technologies fournit des mises à jour financières concernant sa restructuration de la dette et ses changements opérationnels. L'entreprise négocie un amendement de prêt pour son solde impayé de 6,45 MUSD, qui est entré en défaut en octobre 2024. L'amendement proposé prolongerait l'amortissement jusqu'en mai 2026 et réduirait les paiements mensuels de 383 378 USD à 355 744 USD. Eguana prévoit d'émettre de nouveaux bons de souscription d'actions tout en annulant ceux existants. De plus, la société annonce la fermeture et la liquidation de sa filiale australienne afin de se concentrer sur les canaux de services publics en Amérique du Nord. Les actions de la société ont été transférées du marché OTCQB au marché OTC Pink sous le symbole 'EGTYF'.
Eguana Technologies gibt finanzielle Updates zu seiner Schuldenrestrukturierung und operativen Änderungen bekannt. Das Unternehmen verhandelt über eine Kreditänderung für seinen ausstehenden Betrag von US$6,45M, der im Oktober 2024 in Verzug geraten ist. Die vorgeschlagene Änderung würde die Amortisation bis Mai 2026 verlängern und die monatlichen Zahlungen von US$383.378 auf US$355.744 reduzieren. Eguana plant die Ausgabe neuer Aktienoptionsscheine und die Stornierung bestehender. Darüber hinaus kündigt das Unternehmen die Schließung und Liquidation seiner australischen Tochtergesellschaft an, um sich auf die nordamerikanischen Versorgungsunternehmen zu konzentrieren. Die Aktien des Unternehmens wurden vom OTCQB-Markt in den OTC Pink-Markt unter 'EGTYF' verschoben.
- Potential loan restructuring to reduce monthly payments by US$27,634
- Strategic focus on North American utility channels
- Default on senior long-term debt in October 2024
- Outstanding debt balance of US$6.45M
- Downgrade from OTCQB to OTC Pink market
- Closure of Australian subsidiary operations
Calgary, Alberta--(Newsfile Corp. - November 7, 2024) - Eguana Technologies Inc. (TSXV: EGT) ("Eguana" or the "Company", a leading provider of high-performance energy storage systems, provides a financial update.
During October 2024, Eguana and its senior long-term debt lender continued negotiating a formal loan amendment, for the remaining outstanding balance of US
The Loan Amendment, if completed, is expected to extend the amortization period to May 15, 2026 and to revise monthly principal and interest payments down from US
In line with the Company's strategic direction, and as noted previously in the Company's financial reporting and related filings, Eguana Pty Ltd., the Company's Australia subsidiary, will be fully closed and liquidated. The Company will continue to focus on North American utility channels which are better suited for both the Eguana energy storage and Eguana Cloud platforms. The majority of the revenue in Eguana Pty Ltd. was from rooftop solar installation services and did comprise a significant segment in the current and prior financial year. Ongoing customer support will be migrated to the Canadian technical team.
As previously reported in the Company's quarterly reports and news releases, the OTC Market Groups informed the Company that the Eguana stock has been moved from the OTCQB marketplace. Accordingly, the Company will be moved from the OTCQB market to the OTC Pink market, under OTCM: "EGTYF".
The Company will hold its Third Quarter shareholders' call on November 29, 2024, at 4:00pm MTN. Call details are as follows:
Canada/USA Toll Free: 1-844-763-8274
International Toll: +1-647-484-8814
Webcast Link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qOe1kgPV
Callers/Attendees should dial-in 5 to 10 minutes prior to the scheduled start time and simply ask the operator to join the Eguana call.
About Eguana Technologies Inc.
Eguana's vision is to build the grid of the future by delivering flexible, modular, and cost-effective alternatives to traditional grid upgrades. Our technology provides value to all key stakeholders - from the consumer, to the electricity retailer, the distribution utility, and the system operator.
Since 1998, Eguana Technologies has connected utilities with consumers through its high-performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end user and the utility in mind to transition the power grid seamlessly.
Manufactured in local facilities across the globe to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.
To learn more, visit www.EguanaTech.com or follow us on LinkedIn or @EguanaTech on X
Company Inquiries
Justin Holland, CEO
Eguana Technologies Inc.
+1.416.728.7635
Justin.Holland@EguanaTech.com
Forward-Looking Statements
The reader is advised that all information herein, other than statements of historical fact, may constitute forward-looking statements and forward-looking information (together, "forward- looking statements") within the meaning assigned by National Instrument 51-102 - Continuous Disclosure Obligations and other relevant securities legislation. In particular, forward-looking statements include, among other things, statements regarding the anticipated timing and completion of the Loan Amendment, including the issuance of the share purchase warrants thereunder, the cancellation of the share purchase warrants issued with the original loan, and the receipt of TSXV and other regulatory approvals; the potential implications of current default under the original loan; the impact of the closure of the Australian subsidiary; the capital markets impact of the downgrade on the OTC; the date or speed for the deployment of solutions with utilities and its anticipated effects; the various benefits associated with the VPP aggregated storage systems; fleet management and feeder load balancing; the effects of the Company's integrated cloud platform; successful integration with DERMS and benefits to consumers and utilities; the success of marketing efforts; the anticipated benefits of the contract with the utility partner and that the Company will be able to fulfil its obligations under the contract; that the Company's grid transition partners will recognize the benefit of Eguana's hardware and software development in North America; the success of product demonstrations and product solutions, strategy and development; and cash flow constraints.
Forward-looking statements are not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Such factors include, but are not limited to, risks associated with: failure of the Company to successfully conclude the Loan Amendment; failure by the Company to improve cash flow which would have a material adverse impact on the viability of the business to continue operating; timely collection of accounts receivable; ability to raise capital in debt or equity, as needed, on appropriate terms; effective implementation and deployment of Eguana's products and solutions and building additional partnerships and developing existing partnerships; general economic, market and business conditions; competitive factors; achieving strategic objectives; inability to or delays in sourcing materials; production delays or certification delays: the Company's ability to roll out additional utility pilot programs and demonstrations or deployment; the operational effectiveness and efficiency of the products when in use by utilities; a slower adoption of energy storage technologies and other factors set out in the "Risk Factors" section of the Company's management's discussion and analysis for the three and six months ended June 30, 2024 and Company's management's discussion and analysis for the year ended December 31, 2023, which may be found on its website or at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229227
FAQ
Why did Eguana Technologies (EGTYF) default on its debt in October 2024?
What are the terms of Eguana's (EGTYF) proposed loan amendment in 2024?
Why is Eguana (EGTYF) closing its Australian subsidiary in 2024?
