Eguana Provides Results of its Annual General and Special Meeting

Rhea-AI Summary

Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF), a leading provider of high-performance energy storage systems, held its annual general and special meeting on September 26, 2024. Shareholders approved all presented matters, including:

• Fixing the number of directors at five
• Electing Michael Carten, Justin Holland, Karen Hayward, and George W. Powlick as directors
• Appointing MNP LLP as auditor
• Authorizing a potential share consolidation (3:1 to 10:1 ratio) within the next 12 months
• Updating the Company Stock Option Plan, increasing the maximum number of issuable shares to 44,895,600 (10% of outstanding shares)

All resolutions received 70% or more of eligible votes cast.

Positive

• Shareholders approved all presented matters at the annual general meeting
• Authorization for potential share consolidation, which could improve stock liquidity
• Updated Stock Option Plan aligns with TSX Venture Exchange policies

Negative

• Potential share consolidation may lead to a reduction in outstanding shares
• Increased number of shares issuable under the Stock Option Plan may lead to dilution

Calgary, Alberta--(Newsfile Corp. - October 4, 2024) - Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF) ("Eguana" or the "Company"), a leading provider of high-performance energy storage systems, announces the results of its annual general and special meeting held on September 26, 2024 (the "Meeting").

At the Meeting, all matters presented were duly approved and authorized by the Company's shareholders, which included: (i) the number of directors of the Company being fixed at five; (ii) the election of the directors of the Company, being Michael Carten, Justin Holland, Karen Hayward, and George W. Powlick; (iii) the appointment of MNP LLP as auditor of the Company for the ensuing year and for the Board of Directors to fix the auditor's remuneration, together with the terms of their engagement; (iv) the amendment to the Company's articles to effect a consolidation of Eguana's issued and outstanding common shares, at a ratio to be determined by the Board of Directors, between the range of 3:1 to 10:1, at any time over the next twelve months, if at all, only upon determination of the Board of Directors; and v) the updated Company Stock Option Plan, to align it with the updated policies of the TSX Venture Exchange, and hence increasing the maximum number of Eguana's common shares that may be issued under the Stock Option Plan to 44,895,600, such number which is equal to 10% of the issued and outstanding common shares of the Company, and to shorten the terms of final exercise, upon ceasing to be an employee, officer, director or consultant. All matters received 70% or more of eligible votes cast, for the resolution.

About Eguana Technologies Inc.

Eguana's vision is to accelerate grid modernization and resilience, 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.

Eguana Technologies connects utilities with consumers, through its high-performance commercial and residential energy storage solutions. Eguana's vertically integrated 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 and @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 date or speed for the deployment of solutions with utilities, and its anticipated effects.

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 the factors set out in the "Risk Factors" section of the 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/225557

FAQ

What was the outcome of Eguana Technologies' (EGTYF) annual general meeting on September 26, 2024?

All matters presented at Eguana Technologies' annual general meeting were approved by shareholders, with each resolution receiving 70% or more of eligible votes cast.

How many directors were elected to Eguana Technologies' (EGTYF) board?

Four directors were elected to Eguana Technologies' board: Michael Carten, Justin Holland, Karen Hayward, and George W. Powlick.

What is the potential share consolidation ratio approved for Eguana Technologies (EGTYF)?

Shareholders approved a potential share consolidation with a ratio range of 3:1 to 10:1, to be determined by the Board of Directors within the next 12 months.

How many shares can be issued under Eguana Technologies' (EGTYF) updated Stock Option Plan?

The updated Stock Option Plan allows for a maximum of 44,895,600 common shares to be issued, which is equal to 10% of the company's issued and outstanding common shares.