Eddy Smart Home Solutions Ltd. secures $1.5 million working capital loan facility

TORONTO, October 17, 2022 /CNW/ – Eddy Smart Home Solutions Ltd. (“Eddy” or the “Company”) (TSXV:EDY), is pleased to announce that it has entered into a loan agreement with an arm’s length private lender (the “Lender”) for a $1.5 million revolving credit facility (the “Facility”).

This facility bears interest at 8% (increasing to 14% in the event of default) per year and will mature in two years. The Company has also agreed to enter into guarantee agreements (which are subject to the approval of the TSX Venture Exchange) providing for a first ranking guarantee on its assets for the installation. No commission was paid in connection with the facility.

The Company intends to use the net proceeds from the financing largely for working capital purposes, to deploy its contractual revenue backlog and general expenses.

ABOUT EDDY

Eddy is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control and conserve water use by combining water sensing devices water with behavioral learning software. For more details on the company’s products or corporate information, please visit www.eddysolutions.com.

For further information on the Company’s financial results, please see the Company’s unaudited condensed consolidated interim financial statements and management’s discussion and analysis and discussion of financial condition and results of operations for the three and six months ended June 30, 2022, available on Eddy’s SEDAR website at www.sedar.com. Additionally, additional information is available on Eddy’s website at www.eddysolutions.com/investors.

FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release contains forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding our objectives, our strategies to achieve those objectives, our performance, as well as statements regarding beliefs, estimates and intentions of management, and similar statements regarding anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “outlook”, “goal”, “may”, “should”, “expect”, “intend”, “estimate”, ” anticipates”, “believes”, “should”, “plans” or “continues”, or similar expressions suggesting future results or events. These forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Forward-looking information in this press release includes information regarding additional future contract revenue, the company’s leadership position in smart water management and leak protection, and expectations regarding future sales momentum. These statements are not guarantees of future performance and are based on our estimates and assumptions which are subject to risks and uncertainties, including those described under “Risk Factors” in the company’s filing statement dated January 6, 2022 (a copy of which may be obtained at www.sedar.com), which could cause our actual results and performance to differ materially from the forward-looking statements contained in this press release.

All forward-looking statements contained in this press release are qualified by these cautionary statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Eddy Smart Home Solutions Ltd.

For further information: Mark Silver, Executive Chairman and Chief Executive Officer, tel. : 416.221.8998, email: [email protected]

About Donnie R. Losey

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