Clear Blue Technologies International Inc. Provides Update on Covid-19 Mitigation Strategy
March 24 2020 - 5:30PM
Clear Blue Technologies International Inc. (“Clear Blue” or “the
Corporation”) provides the following update on our corporate
response to the ongoing Covid-19 pandemic. With an abundance
of caution for the well-being of our employees and consistent with
federal and provincial guidance on dealing with the pandemic, Clear
Blue has implemented a mitigation strategy effective today March
24, 2020. Production at the Corporation’s Toronto assembly
facility has been suspended and temporary layoff notices have been
issued to most employees. This, along with the use of certain
federal government financial assistance tools, will allow the
Corporation to conserve cash and maintain its assembly workforce
through an extended shutdown period. We note that this
response is consistent with many of our customers, suppliers and
service providers who are also dealing with reduced operating
conditions related to the pandemic. While our ability to
assemble and ship systems is significantly impacted and the cost
savings generated by the temporary staff reductions is required,
our mitigation strategy protects both the balance sheet and our
ability to quickly restart and deploy existing orders. During
this period, our service team will continue to provide our Energy
as a Service management services to ensure continued operation of
our customers Smart Off-Grid systems. Additionally, all major
departments remain open for business to support the needs of our
global customer base, with partial teams working remotely.
Clear Blue has implemented a Supplemental
Benefit Program, one of the Covid-19 mitigations provided by the
Canadian government. This program covers part of the cost of
each employee while enabling the Corporation to maintain payroll at
close to full payment levels. As a result, Clear Blue will be
able to hit the ground running when closures are lifted and we can
proceed with the existing pipeline of business. Additionally,
this down time is a much welcomed time for us to focus on a variety
of initiatives including quality control, supply chain hardening
and R&D that are required to optimize scaling of the business
later in 2020.
Additional updates:
- Our audit is progressing well at
this point in time, and we are working towards on-time delivery of
our 2019 audited financial statements.
- Our historical financials have
demonstrated that revenues during the first half of the year tend
to be less than the second half, with the majority of our revenue
in the last two quarters of the year. As a result, the
current situation is impacting Clear Blue during its traditionally
slower quarters.
- Prior to this crisis, as stated on
our quarterly calls the Corporation’s work in the telecom market
has progressed positively with a number of initiatives maturing
nicely in Q4 2019. We remain confident that this pipeline of
business remains intact and will continue to roll out once
pandemic-related restrictions are reduced sufficiently to allow a
return to full production.
These times are uncertain and no one can predict
the timelines, however Clear Blue’s entire team continues to work
hard to position us to weather this difficult global event.
Said Miriam Tuerk, “I am unbelievably proud and honoured to work
with this team of people, most of whom have not been through an
period like this before. They have all acted as community
stewards and leaders, and continue to contribute as best they can
to support our production systems, customers, projects, co-workers,
and the community at large.”
About Clear Blue Technologies International
Clear Blue Technologies International Inc.
delivers clean, managed, wireless power – anywhere and anytime.
We use our patented Smart Off-Grid technology, delivered
through our Energy-as-a-Service business model, to manage lighting,
telecom, Internet of Things devices, and other critical systems
around the world. Clear Blue has thousands of systems under
management across 37 countries, including the U.S. and Canada.
Clear Blue is publicly traded on the Toronto Venture Exchange
under the symbol CBLU and on the Frankfurt Stock Exchange
(FRANKFURT: 0YA). Learn more at
www.clearbluetechnologies.com.
Forward-Looking Statement
This press release contains certain
"forward-looking information" within the meaning of applicable
Canadian securities legislation and may also contain statements
that may constitute "forward-looking statements" within the meaning
of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only the Corporation's beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently
uncertain and outside of the Corporation's control. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved". The
forward-looking information contained herein may include, but is
not limited to, the expected result of the mitigation strategy with
respect to Covid-19, the short and long term impact of Covid-19 on
the Corporation's business, the anticipated resumption of
operations and the effect of Covid-19 on the business pipeline and
financials of the Corporation.
By identifying such information and statements
in this manner, the Corporation is alerting the reader that such
information and statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Corporation
to be materially different from those expressed or implied by such
information and statements.
An investment in securities of the Corporation
is speculative and subject to several risks including, without
limitation, the risks discussed under the heading "Risk Factors" in
the Corporation's listing application dated July 12, 2018. Although
the Corporation has attempted to identify important factors that
could cause actual results to differ materially from those
contained in the forward-looking information and forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
In connection with the forward-looking
information and forward-looking statements contained in this press
release, the Corporation has made certain assumptions. Although the
Corporation believes that the assumptions and factors used in
preparing, and the expectations contained in, the forward-looking
information and statements are reasonable, undue reliance should
not be placed on such information and statements, and no assurance
or guarantee can be given that such forward-looking information and
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information and statements. The forward-looking information and
forward-looking statements contained in this press release are made
as of the date of this press release, and the Corporation does not
undertake to update any forward-looking information and/or
forward-looking statements that are contained or referenced herein,
except in accordance with applicable securities laws. All
subsequent written and oral forward-looking information and
statements attributable to the Corporation or persons acting on its
behalf are expressly qualified in their entirety by this
notice.
Neither 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.
Media Contact:
Becky NyeDirectorMontieth & Company155 E 44th St., New York,
NY 10017bnye@montiethco.com+1 646.864.3517
Investor Relations:
Miriam TuerkCo-Founder and CEO+1 (855) 733-0119
x200investors@clearbluetechnologies.comhttp://www.clearbluetechnologies.com/en/investors
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