Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.) Announces Q4/2021 Results and Year End Results

TORONTO, May 2, 2022 /CNW/ – Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.), (the “Corporation”) (TSXV: EDY) released its financial statements for the three and twelve months ended December 31, 2021.

Results of Operations
For the three months ended December 31, 2021the Corporation recorded a net loss of $76,749. The net loss for the three months ended December 31, 2021 is mainly due to costs in relation to its listing on the Exchange and professional fees.

For the year ended December 31, 2021the Corporation recorded a net loss of $297,919. The net loss for the year ended December 31, 2021 is mainly due to costs in relation to its listing on the Exchange, professional fees and stock-based compensation.

For further information on the financial results of the Corporation, please review the Corporation’s audited consolidated financial statements and management’s discussion and analysis of financial condition and results of operations for the years ended December 31, 2021 and 2020, available under the Corporation’s profile on www.sedar.com.

Outlook and Subsequent Events
On January 13, 2022, Aumento Capital VIII Corp. (“Aumento”) (TSX-V: AMU.P) and the Corporation have completed their Qualifying Transaction (as such term is defined by the TSX Venture Exchange (the “TSXV”)) pursuant to which Aumento and the Corporation combined their respective (the “Transaction businesses”). In connection with the Transaction: all subscription receipts of the Corporation issued pursuant to its brokered private placement for aggregate gross proceeds of $12,308,260.80 were converted into common shares of Eddy (“Eddy Common Shares”) on the basis of two Eddy Common Shares for every one subscription receipt and the proceeds therefrom were released from escrow; all Eddy Common Shares were exchanged for common shares in the capital of Aumento (“Resulting Issuer Shares”) on the basis of 0.504867 Resulting Issuer Shares for every one Eddy Common Share; and Aumento changed its name from “Aumento Capital VIII Corp.” to “Eddy Smart Home Solutions Ltd.” The Resulting Issuer Shares commenced trading under the symbol “EDY” on January 27, 2022. The Transaction resulted in the issuance of 65,262,619 Resulting Issuer Shares.

On March 25, 2022the Corporation announced it entered into a definitive agreement on March 24, 2022 (the “Agreement”) for the acquisition of all of the issued and outstanding common shares of Reed Controls Inc. (dba Reed Water) (“Reed”). Closing of the transaction remains subject to approval by the TSXV and other customary closing conditions.

Pursuant to the Agreement, the total purchase price for the Transaction will be C$7,359,600. The total consideration (the “Share Consideration”) will be paid in common shares of the Corporation at a per share price of $0.60 per share with an estimated 12,266,000 shares being issued. The Share Consideration will be subject to a twenty-four (24) month lock-up period, provided that the Share Consideration will be released from the lock-up requirements on the first business day following each of the four, six, nine, twelve , fifteen, eighteen and twenty-one month anniversaries of the closing date, and such other terms, as may be imposed by the TSXV. The Share Consideration will also be subject to a statutory four month hold period.

Upon the closing of the Transaction, Reed’s founders will join the Corporation’s leadership team. Reed has also been granted a right to nominate a director to serve on Eddy’s board of directors (the “Board”), and a Board observer.

About the Corporation
Eddy Smart Home Solutions Ltd. (formerly Aumento Capital VIII Corp.) was incorporated under the Business Corporations Act (Ontario) on November 20, 2021, and is classified as a Capital Pool Company as defined in Policy 2.4 of the TSX Venture Exchange Corporate Finance Manual (the “Manual”). The head office and the registered head office of the Corporation is located at 77 King Street West, Suite 700, Toronto, ON M5K 1G8.

The principal business of the Corporation is the identification and evaluation of assets or businesses with a view to a Qualifying Transaction (“QT”) as such term is contemplated in the Manual. The Corporation has not commenced operations and has no assets other than cash held in trust. The Corporation’s continuing operations as intended are dependent upon its ability to identify, evaluate and negotiate an acquisition, or business, or an interest therein. Such an acquisition will be subject to the approval of the regulatory authorities concerned and, in the case of a non-arm’s length transaction, of the majority of the minority shareholders.

Forward-Looking Information and Statements
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements concerning our objectives, our strategies to achieve those objectives, our performance, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.

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

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

SOURCE Eddy Smart Home Solutions Ltd.

Cision

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