Energy Options Worldwide Publicizes Extension to $50 Million Shareholder Mortgage Settlement With Weichai America


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WOOD DALE, Sick., Dec. 02, 2022 (GLOBE NEWSWIRE) — Energy Options Worldwide, Inc. (the “Firm” or “PSI”) (OTC Pink: PSIX), a pacesetter within the design, engineering and manufacture of emission-certified engines and energy methods, introduced in the present day that it amended and restated its $50 million shareholder’s mortgage settlement with its majority stockholder, Weichai America Corp. (“Weichai”), dated as of November 29, 2022 (the “Third Shareholder’s Mortgage Settlement”), to increase the mortgage maturity date to November 30, 2023. The $50 million mortgage beneath the Third Shareholder’s Mortgage Settlement has been totally drawn as of the date of this report and is subordinated in all respects to the Firm’s present $130 million senior secured revolving credit score facility with Normal Chartered Financial institution (all of which has been totally borrowed as of December 2, 2022).

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Borrowings beneath the Third Shareholder’s Mortgage Settlement will incur curiosity on the relevant Secured In a single day Financing Price (“SOFR”), plus 4.65% every year. Additional, if the relevant time period SOFR is unfavorable, the rate of interest every year shall be deemed as 4.65% every year. If the rate of interest for any mortgage beneath the Third Shareholder’s Mortgage Settlement is decrease than Weichai’s borrowing price, the rate of interest for such mortgage shall be equal to Weichai’s borrowing price plus 1%.

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Dino Xykis, chief government officer, commented, “We’re appreciative of Weichai’s help of PSI and sit up for our continued collaboration collectively.”

Further particulars on the Third Shareholder’s Mortgage Settlement will be discovered within the Firm’s Present Report on Type 8-Ok filed with the Securities and Change Fee on December 2, 2022.

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About Energy Options Worldwide, Inc.

Energy Options Worldwide, Inc. (PSI) is a pacesetter within the design, engineering and manufacture of a broad vary of superior, emission-certified engines and energy methods. PSI offers built-in turnkey options to main international unique gear producers and end-user prospects inside the energy methods, industrial and transportation finish markets. The Firm’s distinctive in-house design, prototyping, engineering and testing capabilities permit PSI to customise clear, high-performance engines utilizing a gas agnostic technique to run on all kinds of fuels, together with pure gasoline, propane, gasoline, diesel and biofuels.

PSI develops and delivers full energy methods which might be used worldwide in stationary and cellular energy era functions supporting standby, prime, demand response, microgrid, and co-generation energy (CHP) functions; and industrial functions that embody forklifts, agricultural and turf, arbor care, industrial sweepers, aerial lifts, irrigation pumps, floor help, and development gear. As well as, PSI develops and delivers powertrains purpose-built for medium-duty vehicles and buses together with faculty and transit buses, work vehicles, terminal tractors, and numerous different vocational autos. For extra data on PSI, go to www.psiengines.com.

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Cautionary Notice Relating to Ahead-Wanting Statements

This press launch comprises forward-looking statements relating to the present expectations of the Firm about its prospects and alternatives. These forward-looking statements are entitled to the safe-harbor provisions of Part 21E of the Securities Change Act of 1934. The Firm has tried to determine these forward-looking statements by utilizing phrases equivalent to “anticipate,” “consider,” “budgeted,” “ponder,” “estimate,” “anticipate,” “forecast,” “steerage,” “might,” “outlook,” “plan,” “projection,” “ought to,” “goal,” “will,” “would,” or comparable expressions, however these phrases are usually not the unique means for figuring out such statements. These statements are topic to various dangers, uncertainties, and assumptions which will trigger precise outcomes, efficiency or achievements to be materially totally different from these expressed in, or implied by, such statements.

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The Firm cautions that the dangers, uncertainties and different components that might trigger its precise outcomes to vary materially from these expressed in, or implied by, the forward-looking statements, embody, with out limitation: the impression of the continuing COVID-19 pandemic might have on the Firm’s enterprise and monetary outcomes; the Firm’s potential to proceed as a going concern; the Firm’s potential to lift extra capital when wanted and its liquidity; uncertainties across the Firm’s potential to satisfy funding circumstances beneath its financing preparations and entry to capital thereunder; the potential acceleration of the maturity at any time of the loans beneath the Firm’s uncommitted senior secured revolving credit score facility by way of the train by Normal Chartered Financial institution of its demand proper; the timing of completion of steps to handle, and the shortcoming to handle and treatment, materials weaknesses; the identification of extra materials weaknesses or vital deficiencies; dangers associated to complying with the phrases and circumstances of the settlements with the Securities and Change Fee (the “SEC”) and the US Legal professional’s Workplace for the Northern District of Illinois (the “USAO”); variances in non-recurring bills; dangers regarding the substantial prices and diversion of personnel’s consideration and sources deployed to handle the interior management issues; the Firm’s obligations to indemnify previous and current administrators and officers and sure present and former staff with respect to the investigations performed by the SEC and the prison division of the USAO, which can be funded by the Firm with its present money sources as a result of exhaustion of its historic major administrators’ and officers’ insurance coverage protection; the power of the Firm to precisely forecast gross sales, and the extent to which gross sales lead to recorded revenues; modifications in buyer demand for the Firm’s merchandise; volatility in oil and gasoline costs; the impression of U.S. tariffs on imports from China on the Firm’s provide chain; impression on the worldwide financial system of the struggle in Ukraine; disruptions to the Firm’s provide chain; the impression of accelerating guarantee prices and the Firm’s potential to mitigate such prices; any delays and challenges in recruiting key staff in keeping with the Firm’s plans; any unfavorable impacts from delisting of the Firm’s frequent inventory par worth $0.001 from the NASDAQ Inventory Market and any delays and challenges in acquiring a re-listing on a inventory trade; and the dangers and uncertainties described in experiences filed by the Firm with the SEC, together with with out limitation its Annual Report on Type 10-Ok for the fiscal yr ended December 31, 2021 and the Firm’s subsequent filings with the SEC.

The Firm’s forward-looking statements are introduced as of the date hereof.   Besides as required by regulation, the Firm expressly disclaims any intention or obligation to revise or replace any forward-looking statements, whether or not on account of new data, future occasions or in any other case.

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