Eddy Smart Home Solutions Ltd. Increases Working Capital Loan Facility to $5 million
TORONTO, March 10, 2023 (GLOBE NEWSWIRE) -- Eddy Smart Home Solutions Ltd. ("Eddy" or the "Company") (TSXV: EDY), is pleased to announce that it has increased its previously announced (on December 29, 2022) revolving credit facility of $3 million with an arm’s length private lender (the “Lender”) to $5 million (the “Facility”).
This Facility bears interest at a rate of 8% (increasing to 14% upon any default) per annum and will mature in two years. The Company has also agreed to enter into security agreements (which are subject to TSX Venture Exchange approval) providing for a first charge security against its assets for the Facility, which security is required to be put in place no later than May 31, 2023. There were no fees paid in connection with the Facility.
The Company intends to use the net proceeds from the Facility largely for working capital purposes, to deploy its growing contracted revenue backlog and general corporate expenses. The Company is currently actively deploying in approximately 60 commercial locations.
Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more detail on the Company’s products or corporate information please visit www.eddysolutions.com.
For further information on the financial results of the Company, please review the Company’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis of the financial condition and results of operations for the three and nine months ended September 30, 2022, available on Eddy’s SEDAR website at www.sedar.com. In addition, supplemental information is available on the Eddy’s website at www.eddysolutions.com/investors.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intent", "estimate", "anticipate", "believe", "should", "plans", or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward looking information in this news release includes information regarding the Company’s future use of the net proceeds from the Facility and TSX Venture Exchange approval. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described under the heading "Risk Factors" in the Company’s filing statement dated January 6, 2022 (a copy of which can be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this news release.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Mark Silver, Executive Chairman and Chief Executive Officer