MONTREAL, March 11,
2024 /CNW/ - Taiga Motors Corporation (TSX: TAIG)
("Taiga" or the "Company"), a leading electric off-road vehicle
manufacturer, today announced that Export Development Canada
("EDC") has agreed to upsize its existing senior secured credit
facility available to Taiga by providing up to approximately
$5.25 million of additional funding
(the "Upsized EDC Credit Facility") for working capital and general
corporate purposes through an amended and restated loan agreement
(the "A&R Loan Agreement"), such as supporting its omnichannel
retail and dealer network growth.
"EDC's continued support of and confidence in Taiga comes at an
important time as we ramp up the sales of our award-winning
electric personal watercraft (PWC) and snowmobiles in North America and key global markets. The
Upsized EDC Credit Facility will enable Taiga to better manage its
working capital and to support our network growth as we continue to
expand our international sales and operations." stated Sam Bruneau, CEO and Co-Founder of Taiga.
As of the date of this press release, Taiga has drawn down
$3.75 million of additional funding
under the Upsized EDC Credit Facility. In addition, EDC may decide,
in its sole discretion, whether to advance to the Company up to
$1.5 million of additional funding
under the A&R Loan Agreement. Borrowings under the Upsized EDC
Credit Facility bear interest at the prevailing annual Canadian
prime rate plus 7.00% and they mature and are repayable on
December 31, 2024. The A&R
Loan Agreement also contains limited affirmative and negative
covenants and other customary provisions and mandatory repayment
events (including certain financial covenants relating to current
ratios and cashflows from operation) and events of default.
Production Update
During the fourth quarter of 2023, Taiga continued to make
progress on further ramping up operations, producing 417 units, its
highest throughput in a quarter notwithstanding a line change from
PWC to Snowmobile and the Annual Holidays shutdown. During the
quarter, Taiga produced 243 OrcaTM PWC and 174
NomadTM snowmobiles. We are very proud to announce that
our 2023 production totaled 1,056 vehicles, demonstrating a
significant growth in production capacity over the 133 vehicles
produced in 2022.
About Taiga
Taiga (TSX: TAIG) is a Canadian company reinventing the
powersports landscape with breakthrough electric off-road vehicles.
Through a clean-sheet engineering approach, Taiga has pushed the
frontiers of electric technology to achieve extreme power-to-weight
ratios and thermal specifications required to outperform comparable
high-performance combustion powersports vehicles. The first models
released include a lineup of electric snowmobiles and personal
watercraft to deliver on a rapidly growing demand from recreational
and commercial customers who are seeking better ways to explore the
great outdoors without compromise. For more information, visit
www.taigamotors.com.
Forward-Looking Statements
This press release contains "forward-looking information" within
the meaning of applicable securities laws. Such forward-looking
information includes, but is not limited to, information on our
objectives and the strategies to achieve these objectives, the
expected operations and condition of the Company, the Company's
growth rates, the Company's future objectives and strategies to
achieve those objectives, including, without limitation, organic
growth, the ability to obtain sufficient financing, as well as
information with respect to our beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking statements
generally, but not always, can be identified using forward-looking
terminology such as "outlook", "objective", "may", "could",
"would", "will", "expect", "intend", "estimate", "forecasts",
"project", "seek", "anticipate", "believes", "should", "plans" or
"continue", or similar expressions suggesting future outcomes or
events and the negative of any of these terms. Forward-looking
information involves known and unknown risks and uncertainties,
many of which are beyond the Company's control, that could cause
actual results to differ materially from those that are disclosed
in or implied by such forward-looking information. These risks and
uncertainties include, but are not limited to, those described in
the Company's management's discussion and analysis for the three
and nine month periods ended September 30,
2023, and under the "Risk Factors" section of the Company's
annual information form filed on March 30,
2023, available on the Company's SEDAR profile at
www.sedarplus.ca.
Forward-looking statements reflect management's current beliefs,
expectations and assumptions and are based on information currently
available to management. Readers are cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the future circumstances, outcomes, or results
anticipated or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and other factors that could cause actual results to
differ materially from those contemplated by such statements.
All forward-looking statements included in this news release are
qualified by these cautionary statements. Unless otherwise
indicated, the forward-looking statements contained herein are made
as of the date of this news release, and except as required by
applicable law, Taiga does not undertake any obligation to publicly
update or revise any forward-looking statement, whether because of
added information, future events or otherwise.
SOURCE Taiga Motors Corporation