Eguana Tech Stock Price, News & Analysis

Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF), a leading provider of high-performance energy storage systems, held its annual general and special meeting on September 26, 2024. Shareholders approved all presented matters, including:

• Fixing the number of directors at five
• Electing Michael Carten, Justin Holland, Karen Hayward, and George W. Powlick as directors
• Appointing MNP LLP as auditor
• Authorizing a potential share consolidation (3:1 to 10:1 ratio) within the next 12 months
• Updating the Company Stock Option Plan, increasing the maximum number of issuable shares to 44,895,600 (10% of outstanding shares)

All resolutions received 70% or more of eligible votes cast.

Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF), a leading provider of high-performance energy storage systems, has announced details for its upcoming Annual General and Special Meeting (AGSM) scheduled for September 26, 2024, at 10:00 am mountain time in Calgary, Alberta. Shareholders have the option to attend in person at Eguana's offices located at 3636 7th Street SE or participate virtually.

For virtual attendance, the company has provided the following options:

• Toll-Free Dial-In: 1-844-763-8274
• International Dial-In: 1-647-484-8814
• Webcast: Available through a provided link

Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF), a provider of energy storage systems, has announced a change in auditor and provided a financial update. Key points include:

• Change of auditor from KPMG LLP to MNP LLP, effective August 9, 2024
• Next annual and special general meeting scheduled for September 26, 2024
• Company's cash position remains constricted in the near and medium term
• Major USA customer missing committed payments, but has recently increased sales and commenced weekly payments
• Delayed payments to senior long-term debt holder, with ongoing negotiations regarding missed and future payments
• Potential formal default due to missed July 2024 interest-only payment

Eguana Technologies Inc. (TSXV: EGT) (OTCQB: EGTYF), a provider of energy storage systems, has released financial and business updates. The company is facing liquidity challenges despite efforts to manage cash flow. Key points include:

1. Ongoing payment issues with a major USA customer, though payments have recently resumed.
2. Continued negotiations with the senior long-term debt holder, including deferred payments.
3. Positive momentum in utility Virtual Power Plant (VPP) objectives.
4. Closure of the European office to focus on North American and Australian markets.
5. Potential removal from the OTCQB marketplace due to low stock price.

Eguana is promoting its Eguana Edge™ solution, designed for utility-owned deployment to provide grid balancing services and other benefits.

On May 30, 2024, Eguana Technologies (TSXV: EGT, OTCQB: EGTYF) released its Q1 2024 financial results. The company reported a revenue of $955,198, significantly lower than the comparative Q1 2023. Gross margin, however, improved to $70,748 or 7.4% due to a better sales mix from its Australian branch. Operating loss reduced to $2,000,744 from $3,211,572 in Q1 2023 due to cost-cutting measures. Despite a negative working capital position, Eguana secured $3.8 million in cash from an inventory return and deferred interest payments with ITOCHU to support liquidity. The company faced delays in major receivables collections but is working on solutions. Eguana is focusing on partnerships and Virtual Power Plant (VPP) programs to drive growth. Additionally, the company launched the Eguana Edge™, a utility feeder load balancer, and is demonstrating it in Canada and the USA. Eguana ceased its acquisition of Solarlab but aims to maintain its presence in Australia with a lower cost structure.

Eguana Technologies (TSXV: EGT; OTCQB: EGTYF) has provided a second bi-weekly update regarding the delay in filing its annual financial statements for the year ended December 31, 2023. The filings were initially due on April 29, 2024, but delays have postponed this to May 31, 2024.

The company's CEO and CFO are under a management cease trade order (MCTO) issued by the Alberta Securities Commission, which prevents them from trading Eguana securities until the filings are complete. This order does not affect other shareholders.

The company is complying with National Policy 12-203 and will continue issuing bi-weekly updates until the delay is resolved. Eguana confirms no insolvency proceedings or undisclosed material information affecting the company.

Eguana Technologies Inc. provides a financial update regarding its delay in filing annual financial statements for 2023. The company faces various financial adjustments, including credit losses, inventory impairments, debt reclassification, and legal disputes. Despite challenges in the solar industry affecting liquidity, Eguana aims to complete its filings by May 31, 2024.

Eguana Technologies Inc. introduced the Eguana Edge™, a utility feeder load balancer that provides Distribution System Operators with a fleet of energy storage assets to stabilize feeder loading and voltage quality. The Eguana Edge™ is designed for DERMS integration to offer system level ancillary services like demand response, frequency regulation, and spinning reserve. The company is currently demonstrating the product with utilities in Canada and the USA, targeting distressed feeder lines with voltage support needs or high solar penetration. The Eguana Edge™ combines Eguana's energy storage solutions with fleet management software and maintenance services, offering the most value as a utility-owned asset.

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