TORONTO, Nov. 11, 2019 /CNW/ - Electrovaya Inc.
("Electrovaya" or the "Company") (TSX:EFL) (OTCQX:EFLVF) today
announced that it has closed an agreement with a Canadian financial
institution for a secured Cdn $5.5
million credit facility. The facility will support
fulfilment of Electrovaya's recently announced purchase orders.
The Cdn $5.5 million purchase
order facility is in addition to the previously announced bridge
facility of Cdn $1.5 million from the
same lender. Accordingly, the total credit facility limit is Cdn
$7 million. Under the terms of the
credit agreement, the Company has also issued 1.5 million common
shares to the lender.
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya has production facilities in Canada with customers around the globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that relate to, among other things, the
expected use of proceeds of the credit facility, whether this will
expand Electrovaya's market reach, anticipated increased
collaboration with OEMs in fiscal 2019, anticipated continued
increase in sales momentum in fiscal 2019 through OEMs and directly
to large global companies, including Fortune 500 companies, the
Company's ability to source supply to satisfy demand for its
products and satisfy current order volume, the Company's markets,
objectives, goals, strategies, intentions, beliefs, expectations
and estimates, and can generally be identified by the use of words
such as "may", "will", "could", "should", "would", "likely",
"possible", "expect", "intend", "estimate", "anticipate",
"believe", "plan", "objective" and "continue" (or the negative
thereof) and words and expressions of similar import. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, and actual results
may differ materially from those expressed or implied in such
statements. . Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
that current customers will continue to make and increase orders
for the Company's products, and that the Company's alternate supply
chain will be adequate to replace material supply and
manufacturing, general business and economic conditions (including
but not limited to currency rates and creditworthiness of
customers), Company liquidity and capital resources, including the
availability of additional capital resources to fund its
activities, level of competition, changes in laws and regulations,
legal and regulatory proceedings, the ability to adapt products and
services to the changing market, the ability to attract and retain
key executives, and the ability to execute strategic plans.
Additional information about material factors that could cause
actual results to differ materially from expectations and about
material factors or assumptions applied in making forward-looking
statements may be found in the Company's Annual Information Form
for the year ended September 30, 2018
under "Risk Factors", and in the Company's most recent annual and
interim Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about Risk and Uncertainties" as well as
in other public disclosure documents filed with Canadian securities
regulatory authorities. The Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE Electrovaya Inc.