Mr. Gerhard Mynhardt reports
NOVATEQNI WINS 2ND LONG TERM SUPPLY AGREEMENT WITH THE UNITED NATIONS DEVELOPMENT PROGRAMME AND ANNOUNCES PRIVATE PLACEMENT
NovaTeqni Corp. has been awarded a second two-year long-term supply agreement by the United Nations Development Programme 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, and more than half of these 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 per cent of health facilities and 34 per cent of hospitals have access to reliable electricity. NovaTeqni's solar power solutions 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 health care professionals with clinically correct blood diagnosis.
NovaTeqni's previously announced solar LTA for the UNDP is for low capacity
205-watt-hour LiFEPO4 systems, which are mainly used for lighting and for charging mobile devices. In winning this second LTA, NovaTeqni's solutions now cover a range of solar power systems with storage capacity from nanoscale 20-watt units to 11-kilowatt-hour systems.
NovaTeqni's solar power systems will also include a portable power unit that enables mobile health professionals to have electricity available during visits to communities that do not have readily available electricity.
In order to prepare for the LTAs and the rollout of its solar power solutions, NovaTeqni proposes to complete a non-brokered private placement of units.
There is no minimum subscription for the private placement and a maximum of 15 million units will be issued
at a price of 10 cents per unit for gross proceeds of up to $1.5-million.
Each unit comprises 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 15 cents per share for a period of one year from the date of issuance of the warrant.
The company may pay finders' 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 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 to: development and rollout of solar power solutions and contract fulfilment ($1.25-million), and 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 documented by the UNDP is that 500 HIV (human immuno-deficiency virus) clinics across Zimbabwe will be soon be equipped with solar power. Many clinics currently depend on four hours of unstable power supply per day, but with solar installations they will have power 24/seven 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 2018 and 2019 in support of the Solar for Health initiative. As an example of the extent of the program, during 2016 and 2017 the
UNDP supported the installation of 3.5 megawatts of 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."
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