TORONTO, Oct. 17,
2022 /CNW/ - Eddy Smart Home Solutions Ltd. ("Eddy"
or the "Company") (TSXV: EDY), is pleased to announce that it has
entered into a loan agreement with an arm's length private lender
(the "Lender") for a $1.5 million
revolving credit facility (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. 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.