Pond Technologies Announces Extension to Crystal Wealth Loan

Rhea-AI Summary

Pond Technologies Holdings Inc. (OTCQB:PNDHF) announced an agreement on March 24, 2021, with Grant Thornton Limited to amend loan terms. The amendment extends the loan term to June 30, 2023, requiring a payment of $900,000 by March 31, 2021, followed by monthly principal payments of $50,000 starting July 31, 2021, and quarterly interest payments at 8%. CFO Thomas Masney stated that these amendments will help stabilize debt servicing amid Pond's business expansion. Pond specializes in micro-algae cultivation technology and is actively developing its Biotech division.

Positive

• Loan term extended to June 30, 2023, providing financial flexibility.
• Agreement includes $900,000 payment reducing immediate debt obligation.
• Monthly principal payments and stable interest rate support long-term planning.

Negative

• Ongoing debt obligations may strain cash flow during business expansion.

MARKHAM, ON / ACCESSWIRE / March 25, 2021 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND) (OTCQB:PNDHF) (FSE:400), an ESG company addressing global sustainability challenges of wellness and climate change, announces that on March 24, 2021 it entered into an amending agreement with Grant Thornton Limited, in its capacity as receiver and manager of Crystal Wealth Management System Limited, to amend certain terms relating to Pond's obligations under its existing loan arrangements with Grant Thornton.

The amendments provide for an extension of the term of the loan to June 30, 2023, with Pond agreeing to make a payment of $900,000 by March 31, 2021 towards interest and principal, monthly principal payments of $50,000 beginning July 31, 2021, and continued quarterly interest payments of 8%. All other terms of the loan remain in effect.

Thomas Masney, Pond CFO, commented, "Pond is pleased with the amendments as it will assist in stabilizing Pond's debt servicing expenses during the current expansion phase of its business plan".

About Pond Technologies Holdings Inc.:

Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of micro-algae. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED-lights and patented CO₂-management. The use of concentrated CO₂ from industrial waste streams enables Pond to boost productivity of micro-algae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO₂. Pond is currently selling micro-algae derived antioxidant Astaxanthin under its Regenurex brand. As micro-algae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing license fees and royalties. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.

For more information, please visit https://www.pondtech.com/.

Neither 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.

For further information contact: Grant Smith, Chief Executive Officer, at g.smith@pondtech.com, 416-287-3835 ext. 201; or Chris Cory at c.cory@pondtech.com , 416-287-3835 ext. 215

SOURCE: Pond Technologies Holdings Inc.

View source version on accesswire.com:
https://www.accesswire.com/637433/Pond-Technologies-Announces-Extension-to-Crystal-Wealth-Loan

FAQ

What recent agreement did Pond Technologies announce regarding its loan?

Pond Technologies announced an agreement to amend terms with Grant Thornton, extending the loan term to June 30, 2023.

How much is Pond Technologies required to pay by March 31, 2021?

Pond Technologies is required to make a payment of $900,000 by March 31, 2021.

What will be the monthly principal payments for Pond Technologies starting July 31, 2021?

Pond Technologies will make monthly principal payments of $50,000 starting July 31, 2021.

What is the interest rate on Pond Technologies' loan?

The loan has a quarterly interest payment rate of 8%.

How is Pond Technologies planning to use its loan amendment?

Pond Technologies plans to use the loan amendment to stabilize its debt servicing during its business expansion phase.