NEW YORK & SYDNEY--(BUSINESS WIRE)--CBD Energy Limited (NASDAQ: CBDE), a diversified clean energy company and leading global provider of solar systems, provided an update on its balance sheet restructuring efforts leading up to and subsequent to its recent listing on the Nasdaq Capital Market.
- $7.0M of the convertible notes previously issued by CBDE have been converted into equity contemporaneously with the Company’s listing on Nasdaq.
- The terms of the convertible notes held by major shareholder Washington H. Soul Pattinson and Company Limited (WHSP) have been renegotiated; the maturity date of the notes has been extended to December 31, 2015 from May 31, 2015.
- A further $900,000 of equity has been raised by CBDE since its listing on Nasdaq through the issue of convertible preferred shares, as announced on July 25, 2014.
- The acquisition of Green Earth Developers, LLC (GED) has further improved CBDE’s net asset position.
As a result of these balance sheet restructuring efforts, based on unaudited management accounts, CBDE’s balance sheet has returned to a position of net current assets.
“While there are still further steps to be taken to strengthen CBD Energy’s balance sheet, it is pleasing to see the improvement to the Company’s balance sheet. We now feel the platform is in place to build on the many growth opportunities we have identified, as demonstrated by last week’s announcement that CBDE has won the right to develop a $112,000,000 project in Thailand. The profits earned from this project are expected to further strengthen the Company’s financial position,” said CBDE Executive Chairman and Managing Director Gerry McGowan.
About CBD Energy Limited (NASDAQ: CBDE)
Established in 1989, CBD Energy Limited, or CBD, is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBD is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets - Australia, the U.S. and UK.
Headquartered in Sydney, with principal regional offices in London and New York, CBD has completed projects across four continents, in countries as far-reaching as Australia, Fiji, Germany, Italy, New Zealand, the UK and the U.S. CBD has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. CBD markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license. For further information on CBD Energy Limited and Westinghouse Solar, please visit:
Caution Concerning Forward-Looking Statements
This news release contains ‘forward-looking statements. Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘estimate’, ‘project’, ‘may’, ‘would’, ‘could’, ‘should’, ‘seeks’, or ‘scheduled to’, or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding CBD Energy Limited’s balance sheet position and growth opportunities. Such forward-looking statements are subject to various risks, as well as those set forth in the Corporation’s most recent Form F-1, as filed with the U.S. Securities and Exchange Commission (SEC), and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release, and CBD Energy Limited assumes no obligation to update or revise these statements unless otherwise required by law.