Electrovaya Provides Business Update
October 03 2018 - 5:54PM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL; OTCQX:
EFLVF) today provided a business update covering a number of
topics.
Electrovaya is focused on supplying lithium ion
batteries for the Materials Handling Electric Vehicle (MHEV)
sector, an emerging and rapidly growing market opportunity. The
Company is pleased to announce that it has received new purchase
orders worth more than US $1.9 million (Cdn $2.4 million) to bring
the total value of announced purchase orders received since the end
of the June 30, 2018 quarter to US $3.2 million (Cdn $4.1 million).
These orders are from the MHEV and Autonomous Guided Vehicles (AGV)
sector which require highest-quality batteries as the vehicles tend
to operate for extended periods, as long as 24 hours a day.
During Q3 2018, the Company entered into a
binding agreement for the sale and leaseback of its Mississauga,
Ontario headquarters for gross proceeds of Cdn $22.5 million.
Proceeds will be used to pay down debt and for working capital
purposes. The closing date for the sale has been extended to
October 22, 2018.
The Company has continued to showcase its
forklift battery products at trade shows, including The Global Cold
Chain Expo in Chicago, Illinois and both the Battery Show and
Critical Power Expo in Novi, Michigan.
Dr. Sankar Das Gupta, Electrovaya’s Chief
Executive Officer, was recently invited to participate in a panel
discussion attended by the Prime Minister of India, Narendra Modi
and several of his ministers, regarding the energy transformation
of India. India could become one of the largest markets for lithium
ion batteries as electric vehicle adoption in the country increases
and the government plans to generate increasing amounts of energy
from solar and other intermittent renewable sources.
For more information, please
contact:
Peter KovenBay Street CommunicationsTelephone:
1.647.496.7857Email: peterkoven@baystreetcommunications.com
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF)
designs, develops and manufactures proprietary Lithium Ion Super
Polymer® batteries, battery systems, and battery-related products
for energy storage, clean electric transportation and other
specialized applications. Headquartered in Ontario, Canada,
Electrovaya is a technology focused company with extensive IP,
supplying leading global customers.
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 closing date for the sale of the Company’s
headquarters and the expected use of proceeds therefrom, the
Company’s need for commoditized contract manufacturing facilities
in its product development process, the effect of Litarion’s
insolvency filing on the Company’s financial position and
performance, the future direction of the Company’s business and
products, the effect of a structured sale of Litarion, including on
the Company’s overhead and operations, the Company’s ability to
source supply to satisfy demand for its products and satisfy
current order volume, revenue forecasts, anticipated orders and
deliveries in CY2018 and beyond, demand for the Company's products,
technology development progress, pre-launch plans, plans for
product development, plans to work with OEMs, plans to sell
directly to user, plans for shipment using the Company’s
technology, production plans, 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.
Material assumptions used to develop forward-looking information in
this news release include, among other things, that current
customers will continue to make and increase orders for the
Company’s products, that the Company’s alternate supply chain will
be adequate to replace material supply and manufacturing, that the
Company’s interpretation of the effect of any comfort given to
Litarion’s auditors of the Company’s financial support for
Litarion’s operations is correct, and that Litarion’s insolvency
process will proceed in an orderly fashion that will satisfy
Litarion’s debt without a significant negative effect on the
Company or its assets. Important factors that could cause actual
results to differ materially from expectations include but are not
limited to: the purchaser of the Company’s headquarters not
completing the purchase transaction as expected for any reason,
actions taken by creditors and remedies granted by German courts in
the Litarion insolvency proceedings and their effect on the
Company’s business and assets, negative reactions of the Company’s
existing customers to Litarion’s insolvency process, 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 (“AIF”) for the year
ended September 30, 2017 and in the Company’s most recent annual
and interim Management’s Discussion and Analysis under “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.
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