Electrovaya Announces Completion of its Real Estate Sale and Leaseback for Approximately CDN$22.5 Million
October 23 2018 - 5:05PM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX: EFL; OTCQX:
EFLVF) announces that it has completed the previously-announced
sale-leaseback for $22.5 million. After purchase price adjustments
and brokerage the proceeds to the Company are $20.2 million and
will be used to pay down debt and for working capital purposes.
The sale-leaseback transaction significantly
improves the Company’s liquidity as it focuses on meeting growing
demand for the use of lithium ion batteries in applications
including material handling electric vehicles, automated guided
vehicles, electric buses and energy storage.
For further details on the terms of the
transaction, please see the Company’s news release dated July 27,
2018.
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 Company’s liquidity position, the use of proceeds of
the sale of its property, the Company’s need for commoditized
contract manufacturing facilities and need for space generally, the
Company’s markets and expected product development, and the
Company’s objectives, goals, strategies, intentions, beliefs,
expectations and estimates. Forward-looking statements 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 markets for electric vehicles and other
lithium-ion battery applications will increase, 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: 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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