 |
|||||||||
 |
 |
||||||||
TORONTO, CANADA – TheNewswire – August 26, 2022 – ONEnergy Inc. (“ONEnergy” or the “Company”) (NEX:OEG.H), today announced that it has filed its financial results as at and for the three and six-month periods ended June 30, 2022 and provides a corporate update.
Financial results
For the three-month period ended June 30, 2022, net comprehensive income was $551,000 compared to net comprehensive loss of ($299,000), during same period in 2021.
For the six-month period ended June 30, 2022, net comprehensive income amounted to $458,000 compared to net comprehensive loss of ($683,000), during the same period in 2021.
Net comprehensive income for the three-month period ended June 30, 2022 includes a gain of $959,000 on the derecognition of certain liabilities in the United States of the Company’s wholly-owned subsidiary, Sunwave Gas & Power Inc. (“Sunwave Canada”), as a result of Sunwave Canada filing a petition on April 22, 2022 under chapter 15 of title 11 of the United States Code to have its assignment into bankruptcy in Canada recognized in the United States (“Sunwave Chapter 15 Filing”). On August 16, 2022 the United States Bankruptcy Court issued an order recognizing the Sunwave Chapter 15 Filing. Sunwave Canada’s U.S. liabilities include a note payable (the “C Wave Note”) of U.S.$747,000 due to C Wave Power & Gas Inc. (“CWave”). Net comprehensive income for the six-month period ended June 30, 2022 includes a gain of $1,168,000 on the derecognition of the net liabilities of Sunwave Canada.
For further information on the financial results of the Company, please review the Company’s unaudited interim condensed consolidated financial statements and management’s discussion and analysis of financial condition and results of operations for the three-month and six-month periods ended June 30, 2022, available under the Company’s profile on www.sedar.com.
On March 2, 2022, CWave filed a Motion for Summary Judgment in Lieu of Complaint (the “Motion”) with the Supreme Court of the State of New York (the “Court”) against ONEnergy and Sunwave Canada (collectively the “Defendants”). The Motion seeks a summary judgment against the Defendants for U.S.$747,000 plus interest and reasonable costs until the judgment is paid. On May 10, 2022, the Defendants responded to the Motion with a Cross-Motion seeking dismissal of the Motion against ONEnergy, and an opposition of the Motion against Sunwave Canada. On May 27, 2022, CWave responded to the Defendants’ Cross-Motion and opposition. On August 16, 2022 the United States Bankruptcy Court held a recognition hearing and did not state any issues with a proposed recognition order. The proposed recognition order recognizes the Sunwave Chapter 15 Filing, effectively staying the Motion against Sunwave Canada indefinitely. A signed recognition order is expected to be issued shortly. ONEnergy considers the Motion against it to be without merit and will continue to vigorously defend its position in the Court.
Non-convertible debt financing
Between May 28, 2022 and August 26, 2022, Stephen J.J. Letwin, a director and Chairman of the Board of Directors, provided advances under a grid promissory note to the Company of $510,000. This note is not convertible into securities of the Company, is unsecured, bears an annual interest rate at 10%, and is due on demand.
About ONEnergy Inc.
ONEnergy common shares are listed on the NEX board of the TSX Venture Exchange under the symbol “OEG.H”. Material information about ONEnergy can be found on SEDAR under the Company’s issuer profile at www.sedar.com. ONEnergy’s corporate website may be found at www.onenergyinc.com.
For additional information please contact:
Ray de Ocampo, Chief Financial Officer, [email protected], +1 (647) 253-2534
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements in this news release include, but are not limited to, statements about the business and operations of the Company and the CWave Motion. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, except a required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2022 TheNewswire – All rights reserved.