TORONTO, May 2, 2022
/CNW/ - Eddy Smart Home Solutions Ltd. (formerly Aumento Capital
VIII Corp.), (the "Corporation") (TSXV: EDY) released its financial
statements for the three and twelve months ended December 31, 2021.
Results of Operations
For the three months ended
December 31, 2021, the Corporation
recorded a net loss of $76,749. The
net loss for the three months ended December
31, 2021 is mainly due to costs in relation to its listing
on the Exchange and professional fees.
For the year ended December 31,
2021, the Corporation recorded a net loss of $297,919. The net loss for the year
ended December 31, 2021 is mainly due
to costs in relation to its listing on the Exchange, professional
fees and stock-based compensation.
For further information on the financial results of the
Corporation, please review the Corporation's audited consolidated
financial statements and management's discussion and analysis of
financial condition and results of operations for the years ended
December 31, 2021 and 2020, available
under the Corporation's profile on www.sedar.com.
Outlook and Subsequent Events
On January 13, 2022, Aumento Capital VIII Corp.
("Aumento") (TSX-V: AMU.P) and the Corporation have completed their
Qualifying Transaction (as such term is defined by the TSX Venture
Exchange (the "TSXV")) pursuant to which Aumento and the
Corporation combined their respective businesses (the
"Transaction"). In connection with the Transaction: all
subscription receipts of the Corporation issued pursuant to its
brokered private placement for aggregate gross proceeds of
$12,308,260.80 were converted into
common shares of Eddy ("Eddy Common Shares") on the basis of two
Eddy Common Shares for every one subscription receipt and the
proceeds therefrom were released from escrow; all Eddy Common
Shares were exchanged for common shares in the capital of Aumento
("Resulting Issuer Shares") on the basis of 0.504867 Resulting
Issuer Shares for every one Eddy Common
Share; and Aumento changed its name from "Aumento Capital
VIII Corp." to "Eddy Smart Home Solutions Ltd." The Resulting
Issuer Shares commenced trading under the symbol "EDY" on
January 27, 2022. The Transaction
resulted in the issuance of 65,262,619 Resulting Issuer Shares.
On March 25, 2022, the Corporation
announced it entered into a definitive agreement on March 24, 2022 (the "Agreement") for the
acquisition of all of the issued and outstanding common shares of
Reed Controls Inc. (dba Reed Water)
("Reed"). Closing of the transaction remains subject to approval by
the TSXV and other customary closing conditions.
Pursuant to the Agreement, the total purchase price for the
Transaction will be C$7,359,600. The
total consideration (the "Share Consideration") will be paid in
common shares of the Corporation at a per share price of
$0.60 per share with an estimated
12,266,000 shares being issued. The Share Consideration will be
subject to a twenty-four (24) month lock-up period, provided that
the Share Consideration will be released from the lock-up
requirements on the first business day following each of the four,
six, nine, twelve, fifteen, eighteen and twenty-one month
anniversaries of the closing date, and such other terms, as may be
imposed by the TSXV. The Share Consideration will also be subject
to a statutory four month hold period.
Upon the closing of the Transaction, Reed's founders will join
the Corporation's leadership team. Reed has also been granted
a right to nominate a director to serve on Eddy's board of
directors (the "Board"), and a Board observer.
About the Corporation
Eddy Smart Home Solutions Ltd.
(formerly Aumento Capital VIII Corp.) was incorporated under the
Business Corporations Act (Ontario) on November
20, 2021, and is classified as a Capital Pool Company as
defined in Policy 2.4 of the TSX Venture Exchange Corporate Finance
Manual (the "Manual"). The head office and the registered head
office of the Corporation is located at 77 King Street West, Suite
700, Toronto, ON M5K 1G8.
The principal business of the Corporation is the identification
and evaluation of assets or businesses with a view to completing a
Qualifying Transaction ("QT") as such term is contemplated in the
Manual. The Corporation has not commenced operations and has no
assets other than cash held in trust. The Corporation's continuing
operations as intended are dependent upon its ability to identify,
evaluate and negotiate an acquisition, or business, or an interest
therein. Such an acquisition will be subject to the approval of the
regulatory authorities concerned and, in the case of a non-arm's
length transaction, of the majority of the minority
shareholders.
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.
All forward-looking statements in this news release are
qualified by these cautionary statements. Except as required by
applicable law, the Corporation 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.