Provides update on short term funding
TORONTO, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA) (OTCQB: CBUTF) hereby provides a Board of Directors update today.
The Company announces that Steve Parry and Jane Kearns have resigned from the Company's Board of Directors. Both Jane and Steve have been key advisors and contributors to the company since the foundation of the Company. The Company thanks them for their service and wishes them well in their future endeavours. Directors Miriam Tuerk, Mark Windrim and John Tuerk will continue to serve on the Company's Board of Directors.
Additionally, as has been previously disclosed by the Company, Clear Blue has benefited from several research and development (R&D) grants (as announced on September 22, 2022). As part of those grants, the Company commits to investing certain expenditures in R&D and receives payment in the form of grants and interest free loans to assist in this critical investment in the Company's Green Energy and AI technologies.
The Company counts on these funds as part of its planning and cashflow management. At this time, the Company has been advised that a large grant payment the Company is supposed to receive will be delayed and no payment date is certain. This delay is impacting the ability of the company to raise additional financing in the short term. As a result, the Company is experiencing cash flow difficulties and may be unable to make certain payments on time. Although the Company is attempting to find alternative sources of funding and is also undertaking certain restructuring steps designed to improve the Company's cash position, there can be no assurances that additional funding will be obtained and if restructuring goals are not achieved, the Company may not be able to continue as a going concern.
"While we are committed to addressing these challenges and we are working with our stakeholders, we must be transparent about our current financial situation,” said Miriam Tuerk, CEO of Clear Blue. "We are exploring all available options to enhance our liquidity, including cost-cutting measures, potential financing alternatives, and strategic partnerships.”
The company is actively working with financial advisors to evaluate its options and is committed to keeping shareholders and stakeholders informed of any significant developments.
For more information, contact:
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
www.clearbluetechnologies.com/en/investors
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, "wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
Legal Disclaimer
Neither 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Forward-Looking Statement
This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, information concerning the Company's current and future financial position.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in Clear Blue's listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
