VANCOUVER, British Columbia, Dec. 19, 2018 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) ("SHARC" or the “Company”) is pleased to announce that following up on the press release dated November 27, 2018, the Company has repaid $1,300,000 CDN in loans (the “Loan”) prior to the agreed maturity date of December 23, 2018.
The repayment prior to maturity validates management’s commitment to building trust with capital markets as it looks to realize its strategic objectives for 2019.
The Company has utilized the loan proceeds for the purposes of paying eligible construction costs related to the Clyde Gateway Project, located in Glasgow, Scotland, which is one of several projects the Company is undertaking in the United Kingdom. The Company utilizes government subsidies, low interest debt financing and strategic funding partners to build out Heat Supply infrastructure for the purposes of supplying heat generated by our SHARC™ units. Once completed, the projects will generate reoccurring heat supply revenues to support the operating costs of the Energy Centres.
The Company made full claim and received £1.684M ($2.86M CDN) in grant support, pursuant to the Heat Incentive Scheme described in detail above, relating to the Clyde Gateway Project.
"SHARC is extremely pleased to have retired the loan agreement before the year end," said Lynn Mueller, CEO of SHARC. "As we go into 2019, paying the loan cleans up the balance sheet and helps SHARC with our plans for continued growth particularly with our UK business.”
About Clyde Gateway
The Clyde Gateway is estimated to complete and begin generating cash flow in 2019. Clyde Gateway was established in 2008 to carry out the regeneration of 840 hectares across the east end of Glasgow and South Lanarkshire. Working in partnership with Glasgow City Council, South Lanarkshire Council, Scottish Enterprise and the Scottish Government, Clyde Gateway is driving forward £1.5 billion of private sector investment to establish this area as a hub of business activity. The success to date has been remarkable – of the 800,000 square feet of Grade A office and industrial space that Clyde Gateway has already developed, more than 85 per cent has been let or sold.
The Company would like to announce the issuance of 800,000 stock options with an exercise price of $0.28 expiring December 18, 2019 to Officers and Directors of the Company. Also, pursuant to a debt settlement agreement for services rendered, the Company issued 23,173 common shares of the Company.
About SHARC International Systems
SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA).
Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
Chairman and Chief Executive Officer
For further information, please contact:
The Howard Group
Phone: (888) 221-0915 or (403) 221-0915
SHARC International Systems Inc.
Telephone: (604) 442-2425
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.