OAKVILLE, ON / ACCESSWIRE / December 1, 2022 / Spark Power Group Inc. ("Spark Power" or the "Company") (TSX:SPG), is pleased to announce that it has finalized the terms of an amended and restated credit facility (the "Amended Credit Facility") with its senior lender, Bank of Montreal ("BMO"). The Amended Credit Facility agreement was signed concurrent with the closing of the sale by Spark Power of its Bullfrog Power Inc. business unit ("Bullfrog") on November 30, 2022, announced by the Company yesterday in a separate news release.
The Amended Credit Facility includes a path to Spark Power reverting to traditional financial covenants at the end of Q1 2023, in addition to the following material terms:
"We are pleased to have finalized the terms of this amendment, which will provide Spark Power with enhanced liquidity and operating flexibility as we embark on the next stage of our Company's maturity - one that is characterized by a focus on sustainable, profitable growth and long-term value creation," commented Richard Perri, Executive Vice President & Chief Financial Officer of Spark Power. "We would like to thank BMO for their continued strong support of Spark Power and we are excited about our ongoing partnership as we look to the future".
The Amended Credit Facility is available under the Company's profile on SEDAR at www.sedar.com.
About Spark Power Group Inc.
Spark Power, a wholly owned subsidiary of Spark Power Group Inc. (TSX: SPG), is a leading independent provider of end-to-end electrical contracting, operations and maintenance services, and energy sustainability solutions to the industrial, commercial, utility, and renewable asset markets in North America. We work to earn the right to be our customers' Trusted Partner in Power™. Our highly skilled and dedicated people, located in the communities we serve, combined with our knowledge of the power industry, technology expertise, and commitment to safety, ensures we deliver the right solutions that keep our customers' operations up and running today and better equipped for tomorrow. Learn more at www.sparkpowercorp.com.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", and other similar expressions. The forward-looking statements in this press release include statements by Messr. Perri regarding the Company's future growth and availability of capital to execute on the Company's growth strategy. The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Such factors include, among others: currency fluctuations; disruptions or changes in the credit or security markets; results of operations; and general developments, market and industry conditions, and those risks disclosed in the Company's annual information form for the year ended December 31, 2021 available on the Company's profile at www.sedar.com. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor and Regulatory Inquiries:
Richard Perri, Executive Vice President & Chief Financial Officer
+1 (905) 829-3336
April Currey, VP, Sales & Marketing
+1 (365) 228-1023
SOURCE: Spark Power Group Inc.