Energia
Validity period of Savosolar's bank guarantee limit has been extended by 12 months
Savosolar Plc
Company Announcement 15 November 2018 at 3.00 p.m. (CET)
The bank Suur-Savon Osuuspankki has extended the validity period of its bank guarantee limit granted to Savosolar Plc ("Savosolar" or the "Company") by 12 months, up and until 30.11.2019. The limit amounts to EUR 2 million and the Company uses it in large projects for guarantees needed during deliveries and the warrant period, among others. The extension of the limit's validity period is conditional upon Finnvera Plc granting a counter guarantee to the bank on behalf of Savosolar and the Company giving an additional collateral to the bank. Finnvera has already made a positive decision regarding the guarantee. Suur-Savon Osuuspankki's bank guarantee limit has been extended on the same terms as with the earlier limit.
Savosolar's financial position has improved as a result of the successful rights issue and directed issue carried out during the summer of 2018, when the Company raised approximately EUR 3.7 million in net proceeds.
Savosolar aims to increase its revenue and to improve its profitability so that the Company can ensure the coverage of needed working capital and meet the terms of its loan funding.
SAVOSOLAR PLC.
Savosolar Plc
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.com
This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 15 November 2018 at 3.00 p.m. (CET).
www.savosolar.com
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti