TORONTO / TheNewswire / March 21, 2019 – ONEnergy Inc. (“ONEnergy” or the “Company”) (TSXV: OEG) has closed on the previously announced sale of its U.S. Gas & Power business to C Wave Power & Gas Inc. (“C Wave”) (“Transaction”). After working capital adjustments and other adjustments pursuant to the terms of the definitive agreements under the Transaction, the Company expects to receive negligible net proceeds from the Transaction.
C Wave acquired all the outstanding common shares of Sunwave USA Holdings Inc., which together with its subsidiaries, forms ONEnergy’s U.S. Gas & Power business. The U.S. Gas & Power business comprises the Company’s U.S. energy retailer business with electricity customers in Connecticut, Pennsylvania, Massachusetts and Ohio.
About ONEnergy
ONEnergy common shares are listed on the TSX Venture Exchange under the symbol “OEG”. Material information about ONEnergy may be found on SEDAR under the Company’s issuer profile at www.sedar.com.
For information, please contact:
Stephen J.J. Letwin, Chairman, irinfo@onenergyinc.com
Ray de Ocampo, Chief Financial Officer, irinfo@onenergyinc.com, (647) 253-2534
Beverly Brooks, Brooks Communications, brooks.communications@rogers.com, (416) 546-2336
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice on forward-looking statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. The words “expect”, “believe”, “anticipate”, “will” and similar expressions identify forward-looking statements. Forward-looking statements involve risks, uncertainties, and other actors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the Transaction, the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; ONEnergy or C Wave management’s ability to manage and to operate their respective businesses, and the equity markets generally; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.