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Electrovaya Closes Credit Facility Agreement to Finance Customer Purchase Orders
Electrovaya Closes Credit Facility Agreement to Finance Customer Purchase Orders C...
About this update from Electrovaya Inc.
[{"type":"text","content":"\n\n\n\nElectrovaya Closes Credit Facility Agreement to Finance Customer Purchase Orders\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 21, 2019\n\n\n\nTORONTO, Aug. 21, 2019 /CNW/ - Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) today announced that it has closed an agreement with a Canadian financial institution for a credit facility and has drawn Cdn $1.4 million of the Cdn $1.5 million available under the facility. The facility will support fulfilment of Electrovaya's customer purchase orders and working capital needs. \n\n \n \n\n \nCommenting on the facility, Richard Halka, Electrovaya's EVP and CFO, stated, \"the financial institution conducted an extremely thorough due diligence focusing on our recently announced purchase orders as well as a legal review of all assets, patents and liabilities. We are very pleased that we now have the ability to draw the funds to finance fulfilment of our customers' orders and working capital needs to support our production growth.\"\nAbout Electrovaya Inc.\nElectrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs, develops and manufactures proprietary lithium ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation and other specialized applications. Electrovaya is a technology focused company with extensive IP. Headquartered in Ontario, Canada, Electrovaya has production facilities in Canada with customers around the globe. \nTo learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.\nForward-Looking Statements\nThis press release contains forward-looking statements, including statements that relate to, among other things, the expected closing of the credit facility, potential increases in amounts available under the credit facility, whether this will expand Electrovaya's market reach, anticipated increased collaboration with OEMs in fiscal 2019, anticipated continued increase in sales momentum in fiscal 2019 through OEMs and directly to large global companies, including Fortune 500 compa...