2014-11-18 16:29 ET - News Release
Mr. Andreas Tapakoudes reports
QSOLAR POSTPONES CONVERTIBLE DEBENTURE OFFERING AND PROVIDES UPDATE
QSolar Ltd. is postponing the previously announced best efforts non-brokered private placement to raise gross proceeds of up to $2-million pursuant to press releases dated Sept. 15, 2014, and Oct. 15, 2014, amending the convertible debenture offering. The postponement of the Convertible Debenture Offering reflects the deteriorating and volatile conditions of the Canadian junior stock markets generally which has impacted the Corporation directly, including its ability to access capital through the public market or privately.
QSolar also reports that it has contacted TUV SUD China and has no news to report at this time on any results being made available by TUV SUD in the United States. TUV SUD China has confirmed that the certification process continues. A definitive date for the results of this process has not yet been provided by TUV SUD China. In light of the general market conditions, the Corporation continues to operate to meet its objectives. Management continues to focus on the business of the Corporation, to monitor all its resources in light of the market conditions and continue as a going concern ultimately contingent on its ability to access capital and obtain operating working capital. As QSolar has not been able to access capital through the public market, it continues to scale down its operations and obtain capital from available resources of accounts receivable, inventory turnover and advances from Andreas Tapakoudes, the CEO of the Corporation, which Mr. Tapakoudes has done from time to time in the past.
As of today's date, the Corporation is able to realize its assets and discharge its liabilities in the normal course of business as it scales its operations to its resources. QSolar has historically relied on equity and debt financing and loans from its founding shareholders and officers to satisfy its capital requirements and will continue to rely upon debt and equity capital to finance its activities. QSolar also reports that in conjunction with the scale down of its operations, it has provided, effective November 14, 2014, notice of termination of services to Tekkfund Capital Corp., in accordance with the terms of its investor relations and corporate communications services agreement with the company. QSolar is continuing to utilize the services of German based public eye CONSULTING ("public eye") to provide investor relations, corporate communications and general corporate development consulting services for the Corporation in Germany, Austria, Switzerland and throughout Europe. The agreement with public eye is designed to increase public awareness of QSolar and its technologies in the European financial community.
The Corporation will continue to issue news releases as material information becomes known.
We seek Safe Harbor.
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