Calgary, Alberta’s Sustainable Energy Technologies Ltd., a designer, manufacturer and distributor of power inverters for grid-connected solar PV systems, has had its $1.5 million standby equity commitment from British venture capital firm Doughty Hanson Technology Ventures extended to May 2014. Doughty Hanson has backed the company since 2009.
Sustainable Energy Technologies Ltd (TSX VENTURE:STG) (“Sustainable Energy” or the “Company”) announced that Doughty Hanson Technology Ventures (“Doughty Hanson”) will extend its $1.5 million standby equity commitment to the Company to May 1, 2014. The standby equity commitment is provided as additional security for the Company’s operating line with a Canadian Chartered Bank.
Sustainable Energy announced last week a long term multi-megawatt contract to supply smart grid energy storage inverters for Europe’s leading manufacturer of solar energy storage systems (See News Release May 16, 2013). Working capital for the production ramp is being self-financed under the supply contract, and the operating line will provide additional working capital as needed for operations.
As consideration for the extension, the Company will issue common share purchase warrants in respect of 3,529,411 million shares to Doughty Hanson. The warrants are exercisable for a period of one year at $0.17 per share.
The extension is subject to approval by the TSX Venture Exchange.
Forward Looking Information
The reader is advised that some of the information herein may constitute forward-looking statements within the meaning assigned by National Instruments 51-102 and other relevant securities legislation. In particular, we include: statements concerning the availability of working capital to finance the production ramp of energy storage inverters. Forward-looking information is not a guarantee of future action or performance and involves a number of risks and uncertainties. Many factors could cause the Company’s actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sustainable Energy Technologies Ltd.
Chairman & CEO
(403) 508-7177 #111
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