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Electrovaya Signs Credit Facility Agreement to Finance Customer Purchase Orders
Electrovaya Signs Credit Facility Agreement to Finance Customer Purchase Orders Ca...
About this update from Electrovaya Inc.
[{"type":"text","content":"\n\n\n\nElectrovaya Signs 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, June 26, 2019\n\n\n\nTORONTO, June 26, 2019 /CNW/ - Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) today announced that it has entered into an agreement with a Canadian financial institution for a credit facility that will support Electrovaya's growing business and working capital needs related to its recently-announced purchase order backlog of more than C$4 million.\n\n \n \n\n \nThe credit facility is expected to close once security arrangements and certain other requirements have been put in place. The initial facility is for up to C$1.5 million. The facility may be increased subject to securing certain new purchase orders.\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 companies, the Company's ability to source supply to satisfy demand for its products and satisfy current order volume, the Company's markets, objectives, goals, strategies, intentions, beliefs, expectations and estimates, and can gen...