Doughty Hanson Exercises Warrants to Acquire 4.75 million Common Shares
CALGARY, ALBERTA--(Marketwired - Sept. 13, 2013) - Sustainable Energy Technologies Ltd. (formerly TSX-V: "STG") and now doing business as Eguana Technologies Inc. (TSX VENTURE:EGT), a manufacturer of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, announced today that Doughty Hanson Technology Ventures has invested approximately $500,000 to acquire 4,750,000 common shares of the Company via the exercise of existing warrants.
"Eguana Technologies continues to exceed our expectations in the energy storage market," said George Powlick, Managing Director of Doughty Hanson. "Customer feedback validates our belief in the differentiation of the company's proprietary inverter technology for distributed energy storage applications. We believe this is a growth opportunity across several industries."
The common shares were acquired on the exercise of warrants issued in connection with the purchase of a $500,000 convertible debenture on March 15, 2013. The warrant was for a six month term with an exercise price of $0.105 per share.
The investment results in Doughty Hanson holding 6,000,000 common shares (including the shares acquired on this transaction) representing approximately 23% of common shares issued and outstanding. Doughty Hanson also holds 780,000 $10 Convertible First Preferred Shares out of a total of 1,141,586, $10 Convertible First Preferred Shares issued and outstanding.
About EGUANA TECHNOLGIES, INC.
Headquartered in Calgary, Alberta, Canada, Eguana Technologies designs and manufactures intelligent high performance low-voltage power electronics platforms for distributed smart grid and energy storage applications. Eguana's software configurable platform enables energy storage systems to optimize the lower cost, modularity, and safety advantages of low voltage advanced battery technologies at a much lower cost, and with greater design flexibility than is possible with conventional power electronics solutions.
Sustainable Energy Technologies Ltd announced that effective September 4, 2013 the Company would operate under the name, Eguana Technologies Inc. The legal name of the Company has not changed, but the Company will do business as Eguana Technologies Inc, pending approval of the official name change by shareholders, which will be sought at the Company's Annual General Meeting October 29, 2013. Effective Monday, September 9, 2013, the Company ceased trading under "STG" and began trading under its new ticker symbol "EGT" on 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 features of our energy storage power conversion platform and its value for non-utility scale energy storage systems and developers of those systems, and statements concerning the size of the market for power electronics for residential and commercial non-utility scale energy storage systems.
Forward-looking information is not a guarantee of future 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. Readers are also directed to the Risk Factors section of the Company's current Annual Information Form which may be found on its website or at sedar.com 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.