Clear Blue Technologies International Inc. (“
Clear
Blue” and the “
Company”) (TSXV: CBLU)
(FRA: 0YA) (OTCQB: CBUTF), the Smart Off-Grid Company™, announces
$4-million in Government of Canada support through the Federal
Economic Development Agency for Southern Ontario (“
FedDev
Ontario”). This funding will allow Clear Blue to expand
its production capacity, support the commercialization of its new
Pico-Grid technology, and enhance its sales and marketing
strategies.
The financing will be drawn upon over a 21-month
period until March 2024. Repayment begins in 2025, continues to
2031, and carries 0% interest. The Company intends to use the
proceeds for sales and business development, to expand its
production capacity, and to support the commercialization of its
new Pico-Grid technology. Pico-Grid, announced earlier in 2022 is
expected to launch by the end of 2022.
“As the demand for sustainable, renewable, and
cleaner energy sources continues to increase, more Canadian
companies have risen to the challenge and are leading the way to
change. Today’s announcement for Clear Blue Technologies Inc. will
support global market expansion for the commercialization the new
Pico-Grid technology, while reinforcing our shared commitment to
innovative, sustainable practices that promote a
globally-competitive and inclusive economy in the long term.” - The
Honourable Helena Jaczek, Minister responsible for the Federal
Economic Development Agency for Southern Ontario.
“Clear Blue’s solutions provide a highly
compelling return on investment for its customers and supports the
transition to a green economy,” said Clear Blue Technologies
Co-founder and CEO Miriam Tuerk. “These funds will enable the
Company to bring to market its Pico-Grid power system for Satellite
Wi-Fi and IoT applications, which includes expanding our production
capabilities and creating new jobs to allow us to expand into
global markets.”
“This $4-million funding will further cement our
competitive positioning by supporting our product innovation
roadmap and will expand the Company’s addressable market to include
the broader satellite internet market which is estimated to be
growing 20% per annum to reach US$19 Billion by 2030 according to
Allied Market Research, a market research provider,” continued Ms.
Tuerk. “Our team has worked diligently with FedDev Ontario since
last September to secure this funding, which beyond accelerating
our new product development and deployment, will also free existing
capital on our balance sheet that can now be utilized towards
further scaling our existing product lines, enabling us to execute
against our pipeline of sustainable, Smart Off-Grid Power
opportunities.”
About FedDev Ontario
For more than 12 years, the Government of Canada, through FedDev
Ontario, has worked to advance and diversify the southern Ontario
economy through funding opportunities and business services that
support innovation, growth and job creation in Canada’s most
populous region. The Agency has delivered impressive results, which
can be seen in southern Ontario businesses that are creating
innovative technologies, improving productivity, growing revenues,
creating jobs, and in the economic advancement of communities
across the region. Learn more about the impacts the Agency is
having in southern Ontario by exploring our pivotal projects, our
Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook,
Instagram and LinkedIn.
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™
company, was founded on a vision of delivering clean, managed,
“wireless power” to meet the global need for reliable, low-cost,
solar and hybrid power for lighting, telecom, security, Internet of
Things devices, and other mission-critical systems. Today, Clear
Blue has thousands of systems under management across 37 countries,
including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB:
CBUTF)
For more information, contact:
Monica GranadosPress Secretary Office of the Minister
responsible for the Federal Economic Development Agency for
Southern Ontariomonica.granados@feddevontario.gc.ca
Miriam Tuerk, Co-Founder and CEOClear Blue Technologies+1 416
433
3952investors@clearbluetechnologies.comwww.clearbluetechnologies.com/en/investors
Nikhil Thadani, Sophic Capital+1 437 836
9669Nik@SophicCapital.com
Legal Disclaimer
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.
Forward-Looking Statement
This press release contains certain
"forward-looking information" and/or "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking information and forward-looking statements are not
representative of historical facts or information or current
condition, but instead represent only Clear Blue’s beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of Clear Blue'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, information concerning
the proposed use of the funding or future sales related to
activities stemming from the funding.
By identifying such information and statements
in this manner, Clear Blue 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 Clear Blue to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of Clear Blue is
speculative and subject to several risks including, without
limitation, the risks discussed under the heading " Risks and
Uncertainties" in Clear Blue's MD&A dated May 30, 2022.
Although Clear Blue 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, Clear Blue has made certain assumptions. Although Clear
Blue 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. All subsequent written and oral forward-
looking information and statements attributable to Clear Blue or
persons acting on its behalf is expressly qualified in its entirety
by this notice.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
described in this news release. Such securities have not been, and
will not be, registered under the U.S. Securities Act, or any state
securities laws, and, accordingly, may not be offered or sold
within the United States, or to or for the account or benefit of
persons in the United States or “U.S. Persons”, as such term is
defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption from such
registration requirements.
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