Spark Power Group Inc. - SKPGF STOCK NEWS

Spark Power Group Inc. (TSX:SPG) announced the appointment of two new executives: Tom Duncan as Executive Vice President, Technical Services - Canada, and Richard Perri as Senior Vice President, Finance. Duncan brings over 25 years of industry experience, enhancing Spark's technical services leadership. Perri, formerly CFO of ADP Canada, has extensive financial expertise, which will bolster Spark’s financial operations. These changes aim to strengthen the leadership team and support growth, especially post-pandemic, aligning with Spark's strategic goals.

Spark Power Group has partnered with GP JOULE to construct three solar power projects in Alberta, Canada, with a total capacity of 67.6 MW (Monarch 23.6 MW, Coaldale 22 MW, Vulcan 22 MW). Construction is set to commence in Fall 2021 and expected completion in early 2022. Spark's renewable segment grew by 26.8% in Q1 2021, representing over 30% of total revenue. The partnership aims to enhance Spark's presence in North America's renewable energy sector, aligning with market growth post-pandemic.

Spark Power Group Inc. (OTC PINK:SKPGF) announced the completion of a non-brokered private placement raising approximately $5.6 million through the issuance of 2,654,028 common shares at $2.11 per share. This capital mainly comes from the company's founders and senior executives to strengthen working capital and reduce debt. Additionally, Spark Power has upgraded its credit facility with Bank of Montreal, enhancing its borrowing capacity by $5 million and extending the maturity date to September 30, 2023.

Bullfrog Power Inc. announced a partnership with Hiram Walker & Sons Limited to supply green natural gas to their Windsor distillery. This agreement aims to significantly reduce CO₂ emissions, avoiding 4,000 tonnes annually, equivalent to removing 868 cars from the road. Hiram Walker plans to procure 80,000 GJ of green natural gas, sourced from methane-capture projects. This commitment aligns with their sustainability goals, enhancing their environmental footprint while transitioning to renewable energy sources.

Spark Power Group Inc. announced its Annual General Meeting (AGM) on June 23, 2021, at 10:00 a.m. ET, to be held virtually due to the COVID-19 pandemic. Shareholders are encouraged to submit proxies by June 21, 2021, at 10:00 a.m. ET. Results from the resolutions will be released after the meeting. The AGM will feature a presentation by the executive management team followed by a Q&A session. More information is available on the SEDAR website and the company’s investor relations page.

Spark Power Group Inc. has initiated a formal sales process as part of its strategic review to enhance stakeholder value. Overseen by a special committee, this decision follows recommendations from independent directors and is supported by the company's co-founders, who collectively hold 45% of outstanding shares. The committee is optimistic about inbound interest from potential buyers, aiming to finalize a transaction that benefits all stakeholders. However, the company cautioned that there are no guarantees regarding the outcome or timing of any potential transactions.

Spark Power Group Inc. reported a 4.7% revenue growth for the first quarter of 2021, totaling $56 million compared to the same period last year. Adjusted EBITDA surged 35.6% year-over-year to $7.3 million. The renewables segment saw significant growth, with revenue increasing 26.8% to $16.9 million. An amended credit facility with an additional $5 million bolsters liquidity and stability. The company aims for continued growth, leveraging operational integration and technology transformation.

Spark Power Group Inc. announced a delay in filing its first-quarter results for the period ended March 31, 2021, now scheduled for May 17, 2021. This delay allows the inclusion of details regarding the Credit Facility Restructuring with its lender, aimed at extending the term and increasing borrowing capacity. The company has received a waiver for non-compliance with two financial covenants as of March 31, 2021, impacting its current debt classification. A conference call for investors is set for May 18, 2021.

Spark Power Group Inc. will hold a conference call on May 13, 2021, at 8:30 a.m. ET, to discuss its first-quarter results for the period ending March 31, 2021. The financial results will be announced after market close on May 12, 2021. Investors can join the call using the dial-in number 1-888-506-0062 (international 1-973-528-0011) with conference ID 40985. A webcast will also be available, and an archive will be accessible for 90 days post-call. Spark Power provides electrical and energy sustainability services across North America.