Cleantek Industries Inc. Announces Debt Retirement
Cleantek Industries (TSXV: CTEK) has announced a significant debt reduction through a negotiated debt forgiveness agreement. The company successfully eliminated $518,000 of its long-term debt, representing approximately 7.6% of total long-term obligations. This debt, originally established in 2020 for water evaporation technology development, was settled following the program's completion in November 2024.
The debt relief will result in annual cash savings of about $65,000 due to eliminated interest payments at a 13.5% rate. The company states that insights gained from the project will support ongoing development of their DZeroE and EcoSteam technologies.
Cleantek Industries (TSXV: CTEK) ha annunciato una significativa riduzione del debito attraverso un accordo di perdono del debito negoziato. L'azienda ha eliminato con successo $518.000 del suo debito a lungo termine, che rappresenta circa il 7,6% delle obbligazioni a lungo termine totali. Questo debito, originariamente stabilito nel 2020 per lo sviluppo della tecnologia di evaporazione dell'acqua, è stato estinto al termine del programma nel novembre 2024.
Il sollievo dal debito comporterà un risparmio annuo in contante di circa $65.000 grazie all'eliminazione dei pagamenti degli interessi a un tasso del 13,5%. L'azienda afferma che le intuizioni ottenute dal progetto supporteranno lo sviluppo continuo delle loro tecnologie DZeroE ed EcoSteam.
Cleantek Industries (TSXV: CTEK) ha anunciado una reducción significativa de la deuda a través de un acuerdo negociado de condonación de deuda. La compañía eliminó con éxito $518,000 de su deuda a largo plazo, lo que representa aproximadamente el 7.6% de las obligaciones a largo plazo totales. Esta deuda, originalmente establecida en 2020 para el desarrollo de tecnología de evaporación de agua, se liquidó tras la finalización del programa en noviembre de 2024.
La liberación de deuda resultará en un ahorro anual en efectivo de aproximadamente $65,000 debido a la eliminación de los pagos de intereses a un tipo del 13.5%. La empresa afirma que las ideas obtenidas del proyecto apoyarán el desarrollo continuo de sus tecnologías DZeroE y EcoSteam.
Cleantek Industries (TSXV: CTEK)는 협상된 채무 면제 계약을 통해 상당한 채무 감소를 발표했습니다. 이 회사는 $518,000의 장기 부채를 성공적으로 제거했으며, 이는 총 장기 의무의 약 7.6%에 해당합니다. 이 부채는 2020년에 물 증발 기술 개발을 위해 설정되었으며, 2024년 11월 프로그램 완료 후 정산되었습니다.
채무 면제는 연간 약 $65,000의 현금 절약을 가져올 것이며, 이는 13.5%의 비율로 이자 지급이 제거되었기 때문입니다. 회사는 프로젝트에서 얻은 통찰력이 DZeroE 및 EcoSteam 기술의 지속적인 개발을 지원할 것이라고 밝혔습니다.
Cleantek Industries (TSXV: CTEK) a annoncé une réduction significative de sa dette grâce à un accord de remise de dette négocié. L'entreprise a réussi à éliminer $518,000 de sa dette à long terme, ce qui représente environ 7,6% des obligations à long terme totales. Cette dette, initialement établie en 2020 pour le développement de la technologie d'évaporation de l'eau, a été réglée à la suite de l'achèvement du programme en novembre 2024.
Cette remise de dette se traduira par des économies de trésorerie annuelles d'environ $65,000 en raison de la suppression des paiements d'intérêts à un taux de 13,5%. L'entreprise déclare que les connaissances acquises grâce à ce projet soutiendront le développement continu de ses technologies DZeroE et EcoSteam.
Cleantek Industries (TSXV: CTEK) hat eine erhebliche Schuldenreduzierung durch eine ausgehandelte Schuldenbefreiungsvereinbarung bekannt gegeben. Das Unternehmen hat erfolgreich $518.000 seiner langfristigen Schulden abgebaut, was etwa 7,6% der gesamten langfristigen Verbindlichkeiten entspricht. Diese Schulden wurden ursprünglich im Jahr 2020 für die Entwicklung von Wasserverdampfungstechnologien aufgenommen und nach Abschluss des Programms im November 2024 beglichen.
Die Schuldenbefreiung führt zu jährlichen Barersparnissen von etwa $65.000 aufgrund der wegfallenden Zinszahlungen bei einem Satz von 13,5%. Das Unternehmen erklärt, dass die Erkenntnisse aus dem Projekt die fortlaufende Entwicklung ihrer Technologien DZeroE und EcoSteam unterstützen werden.
- Debt reduction of $518,000 (7.6% of long-term debt)
- Annual cash savings of $65,000 from eliminated interest payments
- Successful completion of water evaporation technology development program
- Company still carries significant remaining long-term debt (approximately $6.3M based on the 7.6% reduction)
Calgary, Alberta--(Newsfile Corp. - December 12, 2024) - Cleantek Industries Inc. (TSXV: CTEK), a leader in innovative clean technology solutions, is pleased to announce the cash-free debt forgiveness of over
The debt forgiveness effort was part of a constructive negotiation with the security holder. The tranche of long-term debt, established in 2020, was used to fund a development program and equipment related to water evaporation technology. Following the program's completion in November 2024, the remaining debt was settled through a mutual agreement.
The key takeaways of this project enhance the operational understanding of our evaporation technology and will support the ongoing advancements of our DZeroE and EcoSteam technologies.
Key Highlights from the Debt Forgiveness:
$518,000 T otal Debt Relief~
$65,000 in annual cash savings (13.5% interest)
"We remain dedicated to reinforcing our company's core fundamentals," stated President & CEO Riley Taggart. "This debt forgiveness is a key component of our broader strategy to fortify Cleantek's balance sheet and position the company for sustained growth and market success. This retirement represents approximately
About Cleantek Industries Inc.:
Cleantek is an environmental technology-based company that provides specialized and fully integrated wastewater treatment and disposal equipment along with turnkey sustainable lighting rental solutions. Cleantek leverages its patented technology and industry expertise to provide equipment to service a diverse range of clientele. Cleantek prioritizes people and the environment through our high-performance safety focused culture and our experienced technical professionals are committed to providing environmentally friendly cost-effective solutions to our clients.
Cleantek provides technology-based solutions for an increasingly demanding water treatment and disposal sector along with location lighting to provide safe working conditions for 24-hour operations. Cleantek provides its technology and services in some of the most active areas in Canada and the United States. Our environmental, safety and operational performance have enabled us to establish and maintain a blue-chip client base, including many exploration and production companies in North America.
For Further Information:
Riley Taggart, President & CEO
Email: rtaggart@cleantekinc.com
Website: cleantekinc.com
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233583
FAQ
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