Eguana Technologies Inc.
TSX VENTURE : EGT

Eguana Technologies Inc.

November 03, 2015 14:24 ET

Eguana Strengthens Sales and Product Development Teams to Support Expanding Pipelines in U.S. and Europe

CALGARY, ALBERTA--(Marketwired - Nov. 3, 2015) - Eguana Technologies Inc (TSX VENTURE:EGT), a technology leader in power conversion and control systems for distributed energy storage is pleased to announce the appointment of Vishwas Ganesan as Director of Business Development USA based in the Bay Area of California and Keith Johnston as Manager of Product Design based in Calgary Alberta.

"With our expanding customer base in the United States and increased visibility on new demand coming from Europe and Japan we have moved to strengthen our team to improve account coverage and to accelerate product development and system integration for our customers. Mr. Ganesan and Mr. Johnston significantly improve our bench strength in these two critical areas," commented Justin Holland, CEO of Eguana.

Mr. Ganeson's extensive knowledge and expertise in battery integration, power controls, and software paired with his experience and network within the US industry will drive results across Eguana's targeted channels. These include grid edge power quality services, residential solar storage and commercial demand charge management services.

Eguana's Director of Business Development Martin Duerr will refocus on the European market where the Company is experiencing much stronger than anticipated demand for the Bi-Direx platform. "Mr. Duerr has already established significant volume opportunities in Europe over the past several weeks and our expectation is sales will commence in 2016" Holland added. "We have multiple customer inquiries, across multiple channels for our entire product offering since the termination of our exclusive relationship in Europe. We are targeting product releases for the residential solar storage market in Europe within the first half of 2016."

"A key element of our sales cycle and our value add is seamlessly integrating our Bi-Direx platform into AC Batteries for our customers," commented Holland. "Mr. Johnston's experience and expertise in power electronics and controls enables us to continue to shorten this process while driving product cost reduction within the development team." Prior to joining Eguana Mr. Johnston led a team of engineers in the design and development of tracker controllers, electrical systems, and module power electronics for SunPower Corporation, which is one of the largest residential solar companies in the US.

Eguana is also pleased to announce that Curtis Smith has accepted the role of Director of Finance. Previously the Director of Corporate Reporting with Big Country Energy Services and a Chartered Accountant through the John Molson School of Business at McGill University, Mr. Smith brings an extensive background in financial and regulatory controls. He has been granted 225,000 stock options upon joining Eguana. Ms. Patricia Dahm has left the Eguana as part of the management changes, the company would like to thank Ms. Dahm for her services and guidance with a smooth transition.

About The AC Battery:

The AC Battery is a pre-integrated and fully certified energy storage system which requires only a grid connection and a dispatch signal to provide a fully functional and durable energy storage installation to the consumer. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as part of new solar storage installations or as a retrofit to solar PV installations already in place.

About Eguana Technologies Inc.

Eguana Technologies Inc. (TSX VENTURE:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.

With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.

To learn more, visit www.EguanaTech.com or follow us on Twitter @EguanaTech

Forward Looking Information

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 pertaining to the value of our power controls to the energy storage market and statements concerning the use of proceeds and the Company's ability to obtain necessary approvals from the TSX Venture Exchange.

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 most recent audited Financial Statements 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.

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