|By Marketwired .||
|February 6, 2014 08:13 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 02/07/14 -- Eguana Technologies Inc. (TSX VENTURE:EGT) ("Eguana" or the "Company"), a leading supplier of high performance power conversion and control systems for "smart grid" and "micro-grid" energy storage applications, announced today that it will remove the 5 year term on each of its Series of First Preferred Shares ("Preferred Shares"),subject to the approval of 2/3 of the votes cast at meetings of shareholders of each Series of Preferred Shares. The meetings will be held at the head office of the Company on February 27, 2014. The amendment is also subject to final approval of the TSX Venture Exchange, which has provided its conditional approval.
Currently, the Company is obliged to redeem the Preferred Shares of the Company within 5 years of the respective date of issue of each Series; and the Preferred Shares are characterized as debt under IFRS accounting practices. By removing the mandatory redemption feature the Preferred Shares cease to be an obligation of the Company and the Company believes that the Preferred Shares will be treated as senior equity.
Otherwise, the terms of the Preferred Shares remain unchanged and continue to represent a preference on any liquidation of the Company. Each Series of Preferred Shares continues to be convertible into common shares of the Company at the option of the holders in accordance with the terms of each Series; and can be redeemed by the Company at its option in accordance with their terms.
"These changes will significantly improve Eguana's balance sheet, and will remove confusion in the minds of shareholders and other members of the investment community concerning the nature of the obligation and the actual financial cost to the Company associated with the Preferred Shares that is caused by complex IFRS accounting standards that were recently introduced in Canada," commented Michael Carten, CEO of Eguana.
The largest holder of each Series of Preferred Shares, other than the Series 15 Preferred Shares, is Doughty Hanson Technology Ventures which has committed to vote in favor of the amendment provided that all Series are amended equally as planned. The Company expects that that the amendment will be approved for each Series of Preferred Shares.
At the record date for the meetings there were a total of 1,067,086 $10, Preferred Shares issued and outstanding in multiple Series - 7, 9, 10, 11 ,12 13 14 and 15. Each Preferred Share carries an annual dividend entitlement of 8% which is accrued semi-annually. Accrued and unpaid dividends are accreted (added) to the amount payable on redemption or liquidation and the number of common shares into which the Preferred Shares are convertible by the holders thereof.
About EGUANA TECHNOLGIES INC.
Headquartered in Calgary, Alberta, Canada, Eguana 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.
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 value of the amendment of the Preferred Shares; statements concerning the characterization of the Preferred Shares under IFRS standards and it's the value of the Company's technology for non-utility scale energy storage system.
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.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jul. 24, 2016 04:45 AM EDT Reads: 1,966
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 24, 2016 04:45 AM EDT Reads: 1,858
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Jul. 24, 2016 04:30 AM EDT Reads: 1,916
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Jul. 24, 2016 04:30 AM EDT Reads: 1,461
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
Jul. 24, 2016 04:00 AM EDT Reads: 1,796
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 03:45 AM EDT Reads: 1,129
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jul. 24, 2016 02:45 AM EDT Reads: 874
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Jul. 24, 2016 02:00 AM EDT Reads: 1,811
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 24, 2016 01:30 AM EDT Reads: 1,123
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 24, 2016 01:15 AM EDT Reads: 1,214
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Jul. 24, 2016 01:15 AM EDT Reads: 868
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 24, 2016 12:30 AM EDT Reads: 1,553
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 11:45 PM EDT Reads: 1,213
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Jul. 23, 2016 11:30 PM EDT Reads: 836
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 23, 2016 11:30 PM EDT Reads: 2,109