Welcome!

News Feed Item

Eguana Moves to Improve Balance Sheet: Company to Remove 5 Year Term on First Preferred

CALGARY, ALBERTA -- (Marketwired) -- 02/06/14 -- 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.

To learn more, visit www.EguanaTech.com or follow us on Twitter, https://twitter.com/EguanaTech.

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"Operations is sort of the maturation of cloud utilization and the move to the cloud," explained Steve Anderson, Product Manager for BMC’s Cloud Lifecycle Management, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.