Fourth Wave Energy Inc. Strengthens Balance Sheet with Elimination of multiple Convertible Secured Note Agreements
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SAN JOSE, Calif., Feb. 15, 2021 /PRNewswire/ -- Fourth Wave Energy Inc. (OTCQB: FWAV) ("Fourth Wave" or the "Company"), a company focused on providing renewable energy solutions, announced today that the Company has settled four Convertible Secured Note Agreements on its balance sheet. The elimination of the remaining balance is expected in Q1. This removes future conversions under the Notes and removes derivative (toxic) debt from the Company's Balance Sheet.
"We are committed to increasing shareholder value and executing on closing the Delsol power tile Acquisition in Q1. Paying off the external debt will significantly improve our balance sheet and position the Company to meet the requirements for uplisting to a national exchange. With the removal of the external debt, we are poised to access future opportunities and drive additional growth in alternative energy and solar centric solutions in 2021," commented Joe Isaacs CEO.
As the Company continues to improve its balance sheet and raise capital, it intends to expand quickly via future acquisitions in the solar and renewable energy sector that meet our criteria of having a historical revenue base and operational profitability. This will expand our solar footprint in the residential and small commercial markets exponentially.
The solar energy market is experiencing exponential growing demand and is expected to reach $223 billion by 2026. It is estimated that less than 4% of the residential solar addressable market in the domestic U.S. market currently has a solar system installed. In the past few years, the cost of residential rooftop solar has dramatically decreased giving homeowners who wish to be sustainable and to decrease their reliance on the existing domestic energy infrastructure an economic benefit that makes sense. With its initial focus in solar energy, the Company is building a foundation for future expansion opportunities including energy storage, charge points for electric vehicles and solar as a subscription.
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; and inability to respond to consumer demands; Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this press release, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
SOURCE Fourth Wave Energy, Inc.
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