CALGARY, ALBERTA--(Marketwired - Oct. 31, 2013) - Eguana Technologies Inc (TSX VENTURE:EGT), ("Eguana" or the Company") a leading supplier of power conversion for battery based energy storage and residential and commercial energy management systems, announced today that the Company's shareholders have approved a special resolution to formally change the Company's name from Sustainable Energy Technologies Ltd to Eguana Technologies Inc at the Company's annual and special meeting of shareholders held on October 29, 2013 (the "Meeting"). Articles of Amendment have been filed to effect the change. The Company has been trading as "EGT" on the TSX Venture Exchange since September 9, 2013.
"The name change signals a strategic decision to focus on the emerging solar energy storage sector," said Michael Carten CEO of Eguana. "Battery based energy storage for smart grids and micro-grids is on its way to creating a major paradigm shift in the power industry and driving a billion dollar opportunity over the next 4 years. The market is telling us that our proven patented low voltage inverter platform is the right product at the right time."
At the meeting, management outlined the course change rationale and the 2014 strategic goals for the Company. Management's detailed presentation can be found at: http://www.eguanatech.com/index.php/investors/media.html
A total of 57.06% of the votes entitled to be cast were voted at the meeting. All the resolutions presented to the shareholders in the Company's management information circular ("Circular"), dated September 29, 2013 for the Meeting, were approved with the requisite majorities including (i) setting the number of directors are 5, (ii) election of the five nominees listed in the Circular (iii) appointment of BDO Canada LLP as auditors of the Company; (iv) amendment of the Company's employee Stock Option Plan and (v) the re-pricing of certain options issued to insiders.
The directors of the Company for the coming year remain unchanged from the previous year.
About EGUANA TECHNOLOGIES, INC:
Headquartered in Calgary, Alberta, Canada, Eguana Technologies Inc. designs and manufactures intelligent high performance low-voltage power conversion systems for smart grid and micro-grid energy storage systems. Eguana's software configurable power electronics platform works with all the known battery technologies and is easily adapted to accommodate a wide range of battery operating parameters. Eguana's "universal" platform has been designed from the bottom up to be integrated directly into fuel cell and battery based energy storage and energy management systems to reduce cost and adapt to different form factors.
To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/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 concerning the future of residential and commercial energy storage in the power industry, the potential value of the Company's addressable market and the value of the Company's energy storage inverter for this application.
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.