TORONTO, Dec. 29,
2022 /CNW/ - Eddy Smart Home Solutions Ltd. ("Eddy"
or the "Company") (TSXV: EDY), is pleased to announce that it has
increased its previously announced (on October 17, 2022) revolving credit facility of
$1.5 million with an arm's length
private lender (the "Lender") to $3
million (the "Facility").
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 TSX Venture Exchange approval) providing for a first
charge security against its assets for the Facility, which security
is required to be put in place no later than March 31, 2022. There were no fees paid in
connection with the Facility.
The Company intends to use the net proceeds from the Financing
largely for working capital purposes, to deploy its contracted
revenue backlog and general corporate expenses.
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 six months ended June 30,
2022, available on Eddy's SEDAR website at
www.sedar.com. In addition, supplemental information is
available on the Eddy's website at
www.eddysolutions.com/investors.
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 additional future contracted revenue, the Company's
leadership position in intelligent water management and leak
protection and the expectation of future sales momentum. These
statements are not guarantees of future performance and are based
on our estimates and assumptions that are subject to risks and
uncertainties, including those described under the heading "Risk
Factors" in the Company's filing statement dated January 6, 2022 "(a copy of which can be obtained
at www.sedar.com), which could cause our actual results and
performance to differ materially from the forward-looking
statements contained in this news release.
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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Eddy Smart Home Solutions Ltd.