TORONTO, Nov. 28, 2024 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (TSXV: CBLU) (FRANKFURT: OYA), the Smart Off-Grid™ Company, announces its financial results for the third quarter of 2024 (“Q3 2024”) ending September 30, 2024. A complete set of Financial Statements and Management’s Discussion & Analysis (“MD&A”) has been filed at www.sedarplus.ca. All dollar amounts are denominated in Canadian dollars. The Company also provides a Corporate Update on the impact of delayed R&D grant payments.
On October 28, 2024, Clear Blue announced that it had been advised that a large grant funding payment, which the company depends upon to fund its R&D program, was delayed and there was no assurance of a payment date. This issue impacted a number of additional short-term activities which the company had been working towards for funding. As a result, the Company is experiencing material cash flow difficulties and may be unable to make certain payments on time. Since this notification, the Company began attempting to find alternative sources of funding and to also undertake certain restructuring steps designed to improve the Company's cash position.
This activity remains ongoing and while there have been numerous positive conversations, these actions are not yet concluded. In working with our secured and unsecured creditors, as well as with all our stakeholders in the company, management has a plan which, if concluded, would resolve the short- and medium-term cash flow pressures. Management believes that this plan will allow the Company to move forward in a positive way with solid cash flow, strong growth and future prospects. However, at this time, there can be no assurances yet that the restructuring goals will be fully achieved, and as a result the Company may not be able to continue as a going concern.
The Company will provide updates to the progress around this as things become more definitive.
Said Miriam Tuerk, CEO of Clear Blue, “We will be very glad to see 2024 behind us. This year alone, government filibusters, satellite blow ups and Red Sea missiles were some of the events that affected our business negatively. There can be no other description other than to say our Q3 2024 results were extremely disappointing. We are working with all stakeholders and our sole focus now is to reorganize the Company such that we set the Company up for a very strong and positive 2025. And we plan to start off with strong first half.”
Please join our earnings call Friday morning at 11:00 am EDT to hear more.
Registration Link
https://us06web.zoom.us/webinar/register/WN_id0a_9DmTVWw-GEFlxl7Sg
For more information, contact:
Miriam Tuerk, Co-Founder and CEO
+1 416 433 3952
miriam@clearbluetechnologies.com
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 financial results and future upcoming contracts.
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.
