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
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.
ABOUT EDDY
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
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
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
For further information, please contact:
Tel: 416.221.8998
Email: ir@eddysolutions.com
Source:
2023 GlobeNewswire, Inc., source