Fourth Wave Energy Inc. Strengthens Balance Sheet with Elimination of multiple Convertible Secured Note Agreements

Rhea-AI Summary

Fourth Wave Energy (FWAV) announced the settlement of four Convertible Secured Note Agreements, set to eliminate toxic debt from its balance sheet by Q1 2021. CEO Joe Isaacs stated that this move aims to enhance shareholder value and facilitate the impending acquisition of Delsol power tile. The company plans rapid expansion in solar energy, targeting growing demand in the residential market. The solar market is projected to reach $223 billion by 2026, with less than 4% of U.S. homes currently utilizing solar systems. Future growth may include energy storage and electric vehicle charge points.

Positive

• Settlement of four Convertible Secured Note Agreements removing toxic debt.
• Improvement in balance sheet positions the company for uplisting.
• Strong focus on expanding solar energy acquisition to capitalize on market growth.

Negative

• None.

SAN JOSE, Calif., Feb. 15, 2021 /PRNewswire/ -- Fourth Wave Energy Inc. (OTCQB: FWAV) ("Fourth Wave" or the "Company"), a company focused on providing renewable energy solutions, announced today that the Company has settled four Convertible Secured Note Agreements on its balance sheet. The elimination of the remaining balance is expected in Q1.  This removes future conversions under the Notes and removes derivative (toxic) debt from the Company's Balance Sheet.

"We are committed to increasing shareholder value and executing on closing the Delsol power tile Acquisition in Q1. Paying off the external debt will significantly improve our balance sheet and position the Company to meet the requirements for uplisting to a national exchange. With the removal of the external debt, we are poised to access future opportunities and drive additional growth in alternative energy and solar centric solutions in 2021," commented Joe Isaacs CEO.

As the Company continues to improve its balance sheet and raise capital, it  intends to expand quickly via future acquisitions in the solar and renewable energy sector that meet our criteria of having a historical revenue base and operational profitability. This will expand our solar footprint in the residential and small commercial markets exponentially.

The solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 2026. It is estimated that less than 4% of the residential solar addressable market in the domestic U.S. market currently has a solar system installed. In the past few years, the cost of residential rooftop solar has dramatically decreased giving homeowners who wish to be sustainable and to decrease their reliance on the existing domestic energy infrastructure an economic benefit that makes sense. With its initial focus in solar energy, the Company is building a foundation for future expansion opportunities including energy storage, charge points for electric vehicles and solar as a subscription.

Safe Harbor Statement

This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; and inability to respond to consumer demands; Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this press release, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements. 

Investor Contact:

Fourth Wave Energy
Phone: 408-213-8874
www.fourthwaveenergy.com
Email: info@fourthwaveenergy.com

 

 

 

 

View original content:http://www.prnewswire.com/news-releases/fourth-wave-energy-inc-strengthens-balance-sheet-with-elimination-of-multiple-convertible-secured-note-agreements-301228380.html

SOURCE Fourth Wave Energy, Inc.

FAQ

What is Fourth Wave Energy's plan regarding its balance sheet?

Fourth Wave Energy plans to eliminate toxic debt by settling four Convertible Secured Note Agreements, improving its balance sheet significantly.

When does Fourth Wave Energy expect to eliminate its debt?

The company expects to fully eliminate the remaining balance of its debt by Q1 2021.

What is the current status of Fourth Wave Energy's acquisition plans?

Fourth Wave Energy is in the process of closing the Delsol power tile acquisition, anticipated in Q1 2021.

What market opportunities is Fourth Wave Energy targeting?

The company aims to expand in the solar energy sector, focusing on residential markets and other growth areas like energy storage.