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Non-Dilutive Funding Supports Key Growth Initiatives Over 3 Years
TORONTO, June 28, 2022 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (“Clear Blue” and the “Company”) (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF), the Smart Off-Grid Company™, announces $4-million in Government of Canada support through the Federal Economic Development Agency for Southern Ontario (“FedDev Ontario”). This funding will allow Clear Blue to expand its production capacity, support the commercialization of its new Pico-Grid technology, and enhance its sales and marketing strategies.
The financing will be drawn upon over a 21-month period until March 2024. Repayment begins in 2025, continues to 2031, and carries 0% interest. The Company intends to use the proceeds for sales and business development, to expand its production capacity, and to support the commercialization of its new Pico-Grid technology. Pico-Grid, announced earlier in 2022 is expected to launch by the end of 2022.
“As the demand for sustainable, renewable, and cleaner energy sources continues to increase, more Canadian companies have risen to the challenge and are leading the way to change. Today’s announcement for Clear Blue Technologies Inc. will support global market expansion for the commercialization the new Pico-Grid technology, while reinforcing our shared commitment to innovative, sustainable practices that promote a globally-competitive and inclusive economy in the long term.” - The Honourable Helena Jaczek, Minister responsible for the Federal Economic Development Agency for Southern Ontario.
“Clear Blue’s solutions provide a highly compelling return on investment for its customers and supports the transition to a green economy,” said Clear Blue Technologies Co-founder and CEO Miriam Tuerk. “These funds will enable the Company to bring to market its Pico-Grid power system for Satellite Wi-Fi and IoT applications, which includes expanding our production capabilities and creating new jobs to allow us to expand into global markets.”
“This $4-million funding will further cement our competitive positioning by supporting our product innovation roadmap and will expand the Company’s addressable market to include the broader satellite internet market which is estimated to be growing 20% per annum to reach US$19 Billion by 2030 according to Allied Market Research, a market research provider,” continued Ms. Tuerk. “Our team has worked diligently with FedDev Ontario since last September to secure this funding, which beyond accelerating our new product development and deployment, will also free existing capital on our balance sheet that can now be utilized towards further scaling our existing product lines, enabling us to execute against our pipeline of sustainable, Smart Off-Grid Power opportunities.”
About FedDev Ontario
For more than 12 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
For more information, contact:
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
Nikhil Thadani, Sophic Capital
+1 437 836 9669
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include but is not limited to, information concerning the proposed use of the funding or future sales related to activities stemming from the funding.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading " Risks and Uncertainties" in Clear Blue's MD&A dated May 30, 2022. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.