TORONTO, Aug. 21, 2019 /CNW/ - Electrovaya
Inc. (TSX:EFL) (OTCQX:EFLVF) today announced that it has closed an
agreement with a Canadian financial institution for a credit
facility and has drawn Cdn $1.4
million of the Cdn $1.5
million available under the facility. The facility will
support fulfilment of Electrovaya's customer purchase orders and
working capital needs.
Commenting on the facility, Richard
Halka, Electrovaya's EVP and CFO, stated, "the financial
institution conducted an extremely thorough due diligence focusing
on our recently announced purchase orders as well as a legal review
of all assets, patents and liabilities. We are very pleased that we
now have the ability to draw the funds to finance fulfilment of our
customers' orders and working capital needs to support our
production growth."
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya has production facilities in Canada with customers around the globe.
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 of the credit facility, potential increases in
amounts available under the credit facility, whether this will
expand Electrovaya's market reach, anticipated increased
collaboration with OEMs in fiscal 2019, anticipated continued
increase in sales momentum in fiscal 2019 through OEMs and directly
to large global companies, including Fortune 500 companies, the
Company's ability to source supply to satisfy demand for its
products and satisfy current order volume, 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. Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
that current customers will continue to make and increase orders
for the Company's products, and that the Company's alternate supply
chain will be adequate to replace material supply and
manufacturing. Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
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 for the year ended
September 30, 2018 under "Risk
Factors", and in the Company's most recent annual and interim
Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about 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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SOURCE Electrovaya Inc.