(TheNewswire)
TORONTO, CANADA / TheNewswire / March 4, 2024 – ONEnergy Inc. (“ ONEnergy ” or the" Company ”) (NEX: OEG.H), today announced that it has filed itsfinancial results as at and for the year ended December 31, 2023 andprovides a corporate update.
Financial results
For the three-month period ended December 31, 2023, netloss and comprehensive loss was ($112,000) compared to net loss andcomprehensive loss of ($1,463,000), during same period in 2022.
Net loss and comprehensive loss for the three-monthperiod ended December 31, 2022 included a litigation provision of$1,042,000 (US$769,000) related to the Default Motion. See“ CWave Motion ” below for discussion.
For the year ended December 31, 2023, net loss andcomprehensive loss amounted to ($1,141,000) compared to net loss andcomprehensive loss of ($1,475,000) during the year ended December 31,2022.
Net loss and comprehensive loss for the year endedDecember 31, 2022 included a net gain of $126,000 arising from: (i) again of $1,168,000 on the derecognition of certain liabilities in theUnited States of the Company’s wholly-owned subsidiary, Sunwave Gas& Power Inc. ( “ Sunwave Canada ”),as a result of the filing and approval, under chapter 15 of title 11of the United States Code, to have Sunwave Canada’s assignment intobankruptcy in Canada recognized in the United States (“ Sunwave Chapter 15 Filing ”), offset by (ii) the recognition of a provision of$1,042,000 (US$769,000) for the Default Motion. Net loss andcomprehensive loss for the year ended December 31, 2023 included anadditional litigation provision of $258,000 (US$195,000) related tothe Default Motion. See “ CWave Motion ” below for discussion.
For further information on the financial results of theCompany, please review the Company’s audited consolidated financialstatements and management’s discussion and analysis of financialcondition and results of operations for the years ended December 31,2023 and 2022, available under the Company’s issuer profileon 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 Canada (together with theCompany, the “ Defendants ”). CWave brought a Motion forDefault Judgment (“ DefaultMotion ”) as a result of the Defendants notresponding to a Verified Complaint that was filed in the NYCourt.
On July 17, 2023, the NY Court granted CWave’sDefault Motion. On March 1, 2024, a final judgment against theDefendants, with approval of the final amount sought (the“ Debt ”), being approximately U.S.$963,520, was issued by the NYCourt.
The Company expects to satisfy the Debt through theproposal that 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 February 15, 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 issuance of common shares by the Company shall befull and final satisfaction for all of the Company’s unsecured claims, including the Debt, and all unsecuredclaims as against the Company will be forever released.
Secured grid promissory note debtfinancing
Between November 25, 2023 and March 4, 2024, StephenJ.J. Letwin, a director and Chairman of the Board of Directors,provided advances under a secured grid promissory note (the“ Secured Note ”) to the Company totaling $95,000 . The Secured Note is not convertibleinto securities of the Company, is secured by a first-ranking securityover the Company’s assets and bears an annual interest rate at 10%. The maturity date on the Secured Note of December 31, 2023 wasamended and extended to December 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.
Copyright (c) 2024 TheNewswire - All rights reserved.