(TheNewswire)
TORONTO, CANADA – TheNewswire - May 24, 2024 – ONEnergy Inc. (“ ONEnergy ” or the" Company ”) (NEX:OEG.H), today announced that it has filed itsfinancial results as at and for the three-month period ended March 31,2024 and provides a corporate update.
Financial results
For the three-month period ended March 31, 2024, netloss and comprehensive loss was ($219,000) compared to net loss andcomprehensive loss of ($253,000), during same period in 2023.
For further information on the financial results of theCompany, please review the Company’s unaudited interim condensedconsolidated financial statements and management’s discussion andanalysis of financial condition and results of operations for thethree-month period ended March 31, 2024, available under theCompany’s issuer profile on SEDAR+ at www.sedarplus.ca .
CWave Motion and CreditorProposal
As previously reported on April 28, 2023, the Companyis a defendant in an action commenced by C Wave Power & Gas Inc.(“ CWave ”) in the Supreme Court of the State of New York (the“ NY Court ”). Also a defendant is Sunwave Gas & Power Inc.(together with the Company, the “ Defendants ”). CWavebrought a Motion for Default Judgment (“ Default Motion ”) asa result of the Defendants not responding to a Verified Complaint thatwas filed in the NY Court. On July 17, 2023, the NY Court grantedCWave’s Default Motion. On March 1, 2024, a final judgment ofU.S.$963,520 was issued by the NY Court against the Defendants (the“ Debt ”).
The Company will satisfy the Debt through the proposalthat it filed pursuant to the Bankruptcy and Insolvency Act (Canada) ( “ BIA ”) on May 30, 2023(the “ Proposal ”) . The Company last reported on the progress of its Proposalon March 4, 2024. The Proposal was approved by the Company’sunsecured creditors at a meeting held on June 22, 2023. The Proposalwas approved by the Ontario Superior Court of Justice (the“ Ontario Court ”) on January 23, 2024 and by the TSX Venture Exchange (the“ Exchange ”) on February 15, 2024. The Company will satisfy its unsecured outstanding liabilities inexchange for the issuance of common shares ofthe Company. The common shares that are issued may be subject to ahold period. The issuance of common shares by the Company shall befull and final satisfaction for all of the Company’s unsecuredclaims, including the Debt, and all unsecured claims as against theCompany will be forever released.
Secured grid promissory note debtfinancing
Between March 5, 2024 and May 24, 2024, Stephen J.J.Letwin, a director and Chairman of the Board of Directors, providedadvances under a secured grid promissory note (the “ Secured Note ”) tothe Company totaling $130,000 . The Secured Note is not convertible into securities of theCompany, is secured by a first-ranking security over the Company’sassets and bears an annual interest rate at 10%. The maturity dateon the Secured Note of December 31, 2023 was amended and extended toDecember 31, 2024.
About ONEnergy Inc.
ONEnergy common shares are listed on the NEX board ofthe TSX Venture Exchange under the symbol “OEG.H”. Materialinformation about ONEnergy can be found on SEDAR+ under theCompany’s issuer profile at www.sedarplus.ca . ONEnergy's corporate website may be found at www.onenergyinc.com .
The Company’s common shares remain halted fromtrading pending implementation of the Proposal.
For additional information pleasecontact:
Ray de Ocampo, Chief Financial Officer,irinfo@onenergyinc.com, +1 (647) 253-2534
This news release contains certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable securities legislation. Forward-looking statements in this news release include, but are notlimited to, statements about the business and operations of theCompany, the Proposal to its creditors, the Default Motion and theDebt, and the settlement of the Debt and Default Motion. Althoughthe Company believes that the expectations reflected in theseforward-looking statements are reasonable, undue reliance should notbe placed on them as actual results may differ materially from theforward-looking statements and there can be no assurance that suchexpectations will prove to be correct. The forward-looking statementscontained in this news release are made as of the date hereof, and theCompany undertakes no obligation to update publicly or revise anyforward looking statements or information, whether as a result of newinformation, future events or otherwise, except a required byapplicable securities laws. The forward-looking statements containedin this news release are expressly qualified by this cautionarystatement.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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