Clear Blue Technologies International Inc. (“Clear Blue” or the
“Company”) (TSXV: CBLU), the Smart Off-Grid™ Company, announces
that it has closed the acquisition of eSite Power Systems,
announced on December 21, 2022. The purchase of eSite has been
financed by issuing 3,000,000 Clear Blue common shares to eSite
Power Systems’ shareholders and is being completed on a cash-free,
debt-free basis.
Recall, the Company previously announced a
non-brokered private placement for gross proceeds of up to
approximately CAD$2,500,000 (the “Offering”). A first tranche
closed in December, raising gross proceeds of CAD$1,261,668 with
certain members of Clear Blue’s management and board of directors
investing CAD$599,871, which brings insider ownership up to 22%
from 16% previously.
The Company plans to close a second tranche for
gross proceeds of up to CAD$1,238,332, by the end of January. The
second tranche includes Pegroco Invest AB (“Pegroco”), an
investment company holding a 49% stake in eSite, together with
other Swedish investment funds, contributing up to CAD$762,500. As
a result, Pegroco will own just under 9% of the basic shares
outstanding of Clear Blue Technologies International Ltd. Pegroco
is also guaranteeing certain vendor commitments by eSite through
2023. The second tranche will add four new institutional investors
to Clear Blue’s investor base, including Pegroco.
“eSite currently has over 1,000 power systems
operating in the field that can benefit from Clear Blue’s
Illumience software and management service,” said Clear Blue CEO
Miriam Tuerk. “Their technology and broad customer base in the
retrofit market dovetails nicely with Clear Blue’s new install
business, providing significant expansion opportunities in our key
markets. Combined with the Offering, management is confident the
acquisition can help drive Clear Blue’s growth and drive to cash
flow breakeven in 2023, as evidenced by management’s and Pegroco’s
substantial participation in the coincident Private Placement.”
About eSite Power Systems
eSite Power Systems is a Swedish technology company that
specializes in power supply systems for telecom sites. With over 10
years of experience in designing and building its award-winning
eSite™ solution, eSite Power Systems is a market leader in its
field and has been a driving force in the development of
sustainable green energy infrastructure in Africa and Asia. The
company is the recipient of several industry awards, including
Sustania 100 and the GSMA Green Mobile Award.
About Pegroco
Pegroco (www.pegrocoinvest.com) is an investment company that
invests in small and medium-sized unlisted companies, preferably in
Sweden. Pegroco's preference share is listed on Nasdaq First North
Premier Growth Market Stockholm. Erik Penser Bank AB is Pegroco's
Certified Adviser on Nasdaq First North Growth Market
Stockholm.
About Clear Blue Technologies
Clear Blue Technologies International, the Smart Off-Grid™
company, was founded on a vision of delivering clean, managed,
“wireless power” to meet the global need for reliable, low-cost,
solar and hybrid power for lighting, telecom, security, Internet of
Things devices, and other mission-critical systems. Today, Clear
Blue has thousands of systems under management across 37 countries,
including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB:
CBUTF)
Legal Disclaimer
Neither 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.
Investor Relations:Miriam TuerkCo-Founder and
CEO+1-416-433-3952miriam@clearbluetechnologies.com http://www.clearbluetechnologies.com/en/investors
Investor Relations:Nikhil ThadaniSophic
Capital+1-437-836-9669nik@sophiccapital.com
Forward-Looking Statement
This press release contains certain "forward-looking
information" and/or "forward-looking statements" within the meaning
of applicable securities laws. Such forward-looking information and
forward-looking statements are not representative of historical
facts or information or current condition, but instead represent
only Clear Blue’s beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently
uncertain and outside of Clear Blue's control. Generally, such
forward-looking information or forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved". The
forward-looking information contained herein may include, but is
not limited to, the future phases of the project or future value of
this project for any mentioned parties.
By identifying such information and statements in this manner,
Clear Blue is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Clear Blue to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of Clear Blue is speculative and
subject to several risks including, without limitation, the risks
discussed under the heading "Risk Factors" in Clear Blue's listing
application dated July 12, 2018. Although Clear Blue has attempted
to identify important factors that could cause actual results to
differ materially from those contained in the forward-looking
information and forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, Clear
Blue has made certain assumptions. Although Clear Blue believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release. All subsequent written and oral forward-
looking information and statements attributable to Clear Blue or
persons acting on its behalf is expressly qualified in its entirety
by this notice.”
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this news release. Such securities have not been, and will not be,
registered under the U.S. Securities Act, or any state securities
laws, and, accordingly, may not be offered or sold within the
United States, or to or for the account or benefit of persons in
the United States or “U.S. Persons”, as such term is defined in
Regulation S promulgated under the U.S. Securities Act, unless
registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.
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