EEStor Corporation Provides Default Status Update and Amends Terms of Bridge Financing
TORONTO, March 10, 2020 (GLOBE NEWSWIRE) — EEStor Corporation (TSX.V: ESU) (“EEStor” or the “Corporation”) has provided a status update under the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders), which require the Corporation to provide biweekly updates until such time as the Corporation is current with its filing obligations under Canadian securities laws. The Corporation announces that it remains unable to file its 2019 annual audited financial statements, the related management’s discussion and analysis, and CEO and CFO certifications (collectively, the “Required Filings”), which were due on or before January 28, 2020. The Corporation is currently subject to a voluntary management cease trade order issued by the Ontario Securities Commission on January 29, 2020 in connection with the Required Filings.
The annual financial statements and annual management’s discussion and analysis and the associated audit work is in process, but the Corporation is unable to complete and file such materials pending the completion of the audit. The Corporation continues to expect the audit to be completed in the coming two weeks and anticipates being in a position to complete the Required Filings by March 20, 2020.As result of the delay in completing the Required Filings, the Corporation has also been delayed in the filing of its interim financial statements for the three-month period ended December 31, 2019, the related management’s discussion and analysis, and CEO and CFO certificates (collectively, the “Interim Filings”), which were due on or before March 2, 2020. The Corporation anticipates being able to complete the Interim Filings at the same time as the Required Filings.The Corporation confirms that it will continue to satisfy the provisions of the alternative information guidelines described in Section 9 and Section 10 of National Policy 12-203 (Management Cease Trade Orders) for so long as it remains in default of the requirement to file the Required Filings and the Interim Filings.The Corporation also announces that it has reached an agreement to amended the terms of a bridge loan previously made to the Corporation in the principal amount of $50,000. Under the terms of the amended, the lender has agreed to reduce the financing fee associated with the bridge loan to $3,000. As further consideration for the loan, the Corporation has issued 1,000,000 share purchase warrants to the lender (the “Loan Warrants”), each of which is exercisable to acquire a common share of the Corporation at a price of $0.05 per share until March 10, 2021. The Loan Warrants, and any common shares issuable upon the exercise of the Loan Warrants, are subject to a four-month-and-day statutory hold period from the date of issuance of the Loan Warrants. For further information regarding the bridge loan, readers are encouraged to review the news release issued by the Corporation on February 19, 2020.The Corporation has not taken any steps toward any insolvency proceeding and the Corporation has no other material information to release to the public at this time. The Corporation has made the foregoing representations in accordance with the requirements of applicable securities laws.About EEStorEEStor is a developer of high energy density solid-state capacitor technology utilizing patented Composition Modified Barium Titanate (CMBT) material. EEStor is committed to providing commercially viable and sustainable energy solutions across a broad spectrum of industries and applications.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.All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) generally, or the “About EEStor” paragraph which essentially describes the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. FOR FURTHER INFORMATION, PLEASE CONTACT: