CALGARY, ALBERTA--(Marketwired - Dec. 23, 2013) - Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the Company"), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, announced today that Doughty Hanson Technology Ventures (Doughty Hanson) has agreed to extend its previously announced $1.5 million Standby Equity Commitment (News Release dated May 20, 2013) to May 1, 2018, subject to an annual performance review by Doughty Hanson. In exchange, the Company has extended the term of common share purchase warrants in respect of 3,529,411 common shares exercisable at a price of $0.17 per share until May 1, 2018, or earlier, under certain circumstances. The TSX Venture Exchange has approved the extension of the common share purchase warrants.
The Company also announced that, subject to TSX Venture Exchange approval, it will retain The Liquidity Group, Inc. ("TLG") to provide market-making services to assist in maintaining an orderly trading market for the common shares of the company. The market-making activity will be conducted using a registered broker in compliance with Policy 3.4 of the TSX Venture Exchange Corporate Finance Manual, IIROC's "Universal Market Integrity Rules & Policies (2010)" and other relevant policies.
Under the terms of the agreement, which will have effect from the date of regulatory approval, and which his terminable on 30 days notice, TLG will receive compensation of $4,000 per month following a trial period. TLG will not receive shares or options as compensation and both parties confirm that capital for the purposes of market-making will not be provided from Eguana's treasury. Eguana and TLG are unrelated and unaffiliated entities.
About EGUANA TECHNOLOGIES INC.
Headquartered in Calgary, Alberta, Canada, Eguana designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity, and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the features of our energy storage power conversion platform and its value for non-utility scale energy storage systems and developers of those systems, and statements concerning the size of the market for power electronics for residential and commercial non-utility scale energy storage systems.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at sedar.com The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the 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.