Tickers: XTSX:NTQ
Tags: Technology
Calgary, Alberta / TheNewswire / May 22, 2018 - NovaTeqni Corporation ("NovaTeqni or the "Company") (TSXV: NTQ: OTCQB - NVTQF) is pleased to announce that it has been awarded a second two year Long Term Supply Agreement ("LTA") by the United Nations Development Programme ("UNDP") for turnkey solar power solutions and high efficiency appliances in support of the UNDP's Solar for Health Initiative. The UNDP's Solar for Health initiative supports governments in Africa and other countries with the goal of increasing access to quality health services through the installation of solar energy systems that enable constant and effective availability of electricity to health service providers. High efficiency appliances to be delivered as part of the award include televisions and fridges.
Across the world more than 1.2 billion people still do not have access to electricity, more than half of those people live in Africa. The World Health Organization estimates that one in four sub-Saharan health facilities in Africa have no access to electricity. A further real concern is that only 28% of health facilities and 34% of hospitals have access to reliable electricity. NovaTeqni solar power solution's for health facilities are designed to provide the reliable electricity needed for these facilities to power other equipment such as blood pressure monitors, infrared thermometers, blood oximeters, as well as to power field blood analyzers which provide healthcare professionals with clinically correct blood diagnosis.
NovaTeqni's previously announced solar LTA for the UNDP is for low capacity 205 watt hour LiFEPO4 systems mainly used for lighting and for charging of mobile devices. In winning this second LTA, NovaTeqni's solutions now cover a range of solar power systems with storage capacity from nano scale 20 watt units to 11 kilowatt hour systems. NovaTeqni's line up of solar power systems will also include a portable power unit that enables mobile health professionals to have electricity available during visits to communities that don't have readily available electricity.
In order to prepare for the LTAs and the roll out of its solar power solutions, NovaTeqni proposes to complete a non-brokered private placement (the "Private Placement") of units ("Units"). There is no minimum subscription for the Private Placement and a maximum of 15,000,000 Units will be issued at a price of $0.10 per Unit for gross proceeds of up to $1,500,000. Each Unit is comprised of one common share in the capital of NovaTeqni and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of NovaTeqni at a price of $0.15 per share for a period of one year from the date of issuance of the warrant.
The Company may pay finder's fees on a portion of the Private Placement to eligible persons seeking subscribers to the financing, all in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange").
The proposed private placement is subject to receipt of all necessary regulatory approvals including the approval of the Exchange. The Company confirms that, as of the date of this press release, there is no "material fact" or "material change" (as those terms are defined under applicable securities laws) related to the Company which has not been generally disclosed.
Assuming the Private Placement is fully subscribed, the Company plans to allocate the gross proceeds of the Private Placement as to: (i) development and rollout of solar power solutions and contract fulfillment ($1,250,000) and (ii) general working capital ($250,000). If the Private Placement is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the Private Placement as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.
Gerhard Mynhardt stated "NovaTeqni is thrilled to be selected by the UNDP as a supply partner for the Solar for Health initiative. We are aiming to excel and to innovate in order to help improve the lives of potentially millions of people. Electricity is a critical resource for facilities where medicines and vaccines have to be stored in controlled environments. Not only will our solutions help millions of people without electricity improve the quality of their lives, but our solutions will also help overcome the limitations caused by the lack of electricity in the health service sector.
An example of the effectiveness of the Solar for Health program as documented by the UNDP is 500 HIV clinics across Zimbabwe will be soon be equipped with solar power. Many clinics currently depend on four hours of unstable power supply a day but with solar installations they will have power 24/7 and patients can get the care they need. Solar generated power will be used to maintain the quality of medicines and laboratory reagents as well as to power equipment for sterilization.
The UNDP has a significant budget for the 2018/2019 in support of the Solar for Health initiative. As an example of the extent of the program, during 2016 to 2017 the UNDP supported the installation of 3.5 MW capacity in solar power plants for more than 400 health facilities in Namibia, Sudan, South Sudan and Zimbabwe.
As another way to improve lives globally, NovaTeqni will add innovative solar powered water filtration systems to its solutions to deliver clean potable water to hundreds of millions of people across Africa who do not have access to clean water."
For further information, please contact Gerhard Mynhardt, Chief Executive Officer of the Company, by email at info@novateqni.com.
Reader Advisory
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the terms of the proposed non-brokered private placement of Units, the proposed allocation and use of proceeds and the Company's proposed business operations. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, skilled personnel and supplies; changes in tax laws; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Corporation undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the 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 press release.
The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
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