Toronto, Ontario--(Newsfile Corp. - February 11, 2025) - Eddy Smart Home Solutions Ltd. (TSXV: EDY) ("Eddy" or the "Company"), is pleased to announce that it has entered into a loan agreement with a non-arm's length private lender (the "Lender") for a $1 million revolving credit facility (the "Facility").
The Facility bears interest at a rate of 12% per annum and will mature in two years. There were no fees paid in connection with the Facility. The Company intends to use the net proceeds from the Financing largely for inventory purchases, to satisfy its contracted revenue backlog. This Facility can be increased at the request of the Company by an additional $500,000, for an aggregate amount of $1,500,000, based on growth in receivables and increased inventory.
ABOUT EDDY
Eddy is a leading North American provider and developer of smart water metering products and monitoring services for residential and commercial properties. Eddy's solutions help property owners and developers protect, control, and conserve water usage through advanced sensing devices and behavioral learning software. For more information, visit www.eddysolutions.com.
For further details on the company's financial performance, please review our consolidated financial statements and management's discussion and analysis for the years ended December 31, 2023, and 2022, available on Eddy's SEDAR profile at www.sedar.com.
FORWARD-LOOKING INFORMATION AND STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements reflect management's current expectations and are based on assumptions and estimates that involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements. Factors that could cause actual results to differ are discussed in the company's most recent management discussion and analysis under "Risks and Uncertainties," available at www.sedar.com. Eddy undertakes no obligation to update these statements, except as required by law.
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.
For further information, please contact:
Mark Silver
Executive Chairman and Chief Executive Officer
Tel: 416.221.8998
Email: ir@eddysolutions.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240487
SOURCE: Eddy Smart Home Solutions Ltd.
