VANCOUVER, British Columbia, Feb. 17, 2023 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC Energy" or the "Company"), is providing its shareholders a corporate update.
Full Conversion and Exercise of Convertible Debt and Warrants maturing and expiring on February 13, 2023
Entering 2023, the Company was carrying a total of $1,381,500 of convertible debt and $1,351,000 of eligible proceeds from common share and debenture compensation purchase warrants set to mature and expire, respectively, on February 13, 2023. SHARC Energy is pleased to announce that the debt and warrants have been converted and exercised in full. This provides the Company with a significant increase in working capital, while maintaining the “built-in” dilution, as SHARC Energy continues to deliver and turnover on its growing pipeline. The continued support and commitment by our loyal long-term shareholders has been key in our ability to grow our business and the Wastewater Energy Transfer (“WET”) industry.
As of today’s date, the Company has $89,000 of convertible debt and $134,000 of eligible proceeds from common share purchase warrants set to mature and expire, respectively, on February 24, 2023. The Company anticipates the debt and warrants will be converted and exercised in full.
False Creek Neighbourhood Energy Utility (“NEU”) Expansion Build Underway
The Company has begun working on the Supply and Maintenance Agreement with the City Of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. The expansion is expected to increase the capacity of the current 3.2MW WET system to 9.8MW—making it the largest WET project in North America, with an additional carbon emission reduction of an estimated 4,400 tonnes a year, upon completion in 2023.
The False Creek NEU began operation in 2010 and has rapidly expanded to serve over 600,000 square meters of residential, commercial and institutional space including Science World and Emily Carr University. In accordance with the 2018 NEU expansion plan, the False Creek NEU will continue to expand to serve over 1,900,000 square metres of new development in Southeast False Creek, Mount Pleasant, the False Creek Flats and Northeast False Creek. The NEU targets 70% of its energy supply to come from renewable energy sources with a goal of 100% renewable energy by 2030 as a part of the Climate Emergency Action Plan. The utility is self-funded, simultaneously providing affordable rates to customers and a return on investment to City taxpayers.
The assembly and build-out of the five systems at the Port Coquitlam, B.C. facility has commenced, representing the largest single order for a project in Company history. The Company is actively engaged on similar WET system projects across North America which is indicative of the growth and adoption of WET enabled thermal energy networks.
SHARC Energy and Salas O’Brien Update
On August 17, 2022, the Company announced it entered into an agreement with Salas O’Brien, an employee-owned engineering firm with 55 offices, 1,600+ team members and more than 360 registered professionals. The intention of the agreement was to establish and cultivate a collaborative and strategic relationship that will support the market with turnkey solutions tailored to carbon reduction and energy efficiency goals.
Since then, Salas O’Brien and SHARC Energy have been developing their relationship and building opportunity for not only standalone WET systems, but also WET and Geothermal paired systems across North America. The companies are currently engaged on several projects.
As part of Salas’s commitment to the Wastewater Energy Transfer industry, the organization has invested in engineering software and training allowing Salas to generate simulation models for SHARC Energy products that will provide information and design offerings to WET project stakeholders that they would not have access to elsewhere.
SHARC Energy recognizes it has a unique position as an OEM of an early adoption technology in a well-established industry like Heating, Ventilation and Air Conditioning (“HVAC”). As SHARC Energy continues to emerge as the leader in the WET space, it will look to leverage relationships and partnerships like Salas O’Brien to provide more of a complete solution around our systems for better support of the market.
In providing more of a complete solution around its products to create value for project end-users, the Company anticipates creating shareholder value through new and diversified revenue opportunities generated by its proprietary technology.
Patent Filing
The Company has filed an international patent application under the Patent Cooperation Treaty (PCT) for its latest design of the SHARC system. This filing allows the latest SHARC design to become patent pending globally for 30 months from the date of filing the PCT application. The Company can now decide what countries it would like to file patent applications in and has already filed in the United States and EU.
The Company leveraged funding made available by Global Affairs and the Trade Commissioners Service through the CanExport SME program to file.
Shipment of PIRANHA T15s
Updating a previous news release, SHARC Energy recently shipped two PIRANHA T15s to HTS Ontario to be installed in Ottawa.
This deal is a key milestone as it marks the beginning of HTS’s growing SHARC Energy pipeline turning over and validates the Company’s strategy to support and leverage its representative network to help grow awareness and sales for its products in key markets.
“HTS is proud to represent SHARC Energy, a Canadian Company, in Ontario. Wastewater from buildings is an untapped resource for the HVAC industry. Having SHARC Energy’s experience and time-proven products will allow HTS to recover more heat and help us all generate less greenhouse gases,” said HTS Director, Canadian Operations, Paul Pilutti. “We have many projects in the planning and design phase and we anticipate significant growth in wastewater energy transfer projects.”
About SHARC Energy
SHARC International Systems Inc. is the world leader in energy transfer with wastewater. SHARC Energy's systems recycle and reject thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling and hot water production for commercial, residential, and industrial buildings.
SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.
Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA Series | SHARC Series
ON BEHALF OF THE BOARD
Lynn Mueller
Chairman and Chief Executive Officer
| For investor inquiries, please contact: | For media inquiries, please contact: |
| Hanspaul Pannu | Mike Tanyi |
| Chief Financial Officer | Director of Marketing & IT |
| SHARC Energy | SHARC Energy |
| Telephone: (604) 475-7710 ext. 4 | Telephone: (604) 475-7710 ext. 109 |
| Email: hanspaul.pannu@sharcenergy.com | Email: mike.tanyi@sharcenergy.com |
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy's actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove correct, and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as applicable.
