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CALGARY, ALBERTA--(Marketwired - Feb 2, 2016) - Eguana Technologies Inc (TSX VENTURE:EGT)(OTC PINK:STGYF) ("Eguana"), a technology leader in power conversion and control systems for distributed energy storage, has provided an undertaking to the TSX Venture Exchange (the "TSXV") pursuant to which Eguana has agreed to exercise its right to acquire each of the 747 limited partnership units (the "LP Units") of EGT Markets Limited Partnership (the "Limited Partnership") that were issued pursuant to Eguana's previously announced private placement in exchange for an aggregate of 6,790,977 common shares in the capital of Eguana (the "Common Shares") on or before March 31, 2016. For additional information regarding the LP Units please see Eguana's press releases dated December 22, 2015 and January 6, 2016 which are available on SEDAR at www.sedar.com.
As background, the LP Units must be exchanged on or before March 31, 2016 because, due to an inadvertent miscalculation of the allowable exchange ratio for the LP Units during the period following March 31, 2016, the failure of Eguana to exchange the LP Units for Common Shares could lead to Eguana issuing shares in contravention of the policies of the TSXV. Pursuant to the terms of the limited partnership agreement governing the Limited Partnership and the terms of the LP Units, Eguana has the ultimate authority, exercisable in its sole discretion, to acquire the LP Units in exchange for Common Shares.
About The AC Battery:
The Eguana AC Battery™ is a certified, grid ready power control solution pre-integrated with industry leading Li-Ion batteries. Our solution can be seamlessly integrated with a local energy management system or a distributed fleet control network using open communication protocols to provide a fully functional energy storage installation. The AC Battery provides maximum flexibility for system aggregators which want to deploy it as a standalone product, as part of new solar storage installations, or as a retrofit to solar PV installations already in place.
About Eguana Technologies Inc.
Eguana Technologies Inc. (TSX VENTURE:EGT) designs and manufactures high performance power controls for residential and commercial energy storage systems. Eguana has more than 15 years' experience delivering grid edge power electronics for fuel cell, photovoltaic and battery applications and delivers proven, durable, high quality solutions from its high capacity manufacturing facilities in Europe and North America.
With thousands of its proprietary energy storage inverters deployed in the European and North American markets, Eguana is the leading supplier of power controls for solar self-consumption, grid services and demand charge applications at the grid edge.
The reader is advised that some of the information herein may constitute forward-looking information and forward-looking statements as such terms are defined by Canadian securities legislation. In particular, we include: statements pertaining to exchange of the LP Units for Common Shares and the value of our power controls to the energy storage market.
Undue reliance should not be placed on forward-looking information or forward-looking statements, as there can be no assurance that the plans, intentions or expectations on which they are based will occur. Although Eguana's management believes that the expectations in the forward-looking information and forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Readers are also directed to the Risk Factors section of the Company's most recent audited Financial Statements 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.