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NORWALK, CT – November 19, 2020 – Smart grid technology leader Tantalus Systems today announced it has entered into a definitive agreement to merge with RiseTech Capital Corp., a TSX Venture Exchange-listed capital pool company, and also that it closed on a concurrent financing to bolster the company’s balance sheet in order to support and accelerate several strategic growth initiatives as well as for general working capital purposes. Following the closing of the merger, Tantalus’ board and management team will remain in place and lead the combined company, which will continue to focus on delivering innovative smart grid solutions to electric, water and gas utilities. Upon receiving the necessary approvals for listing from the TSX Venture Exchange, Tantalus will gain increased access to the capital markets as a publicly traded company.
“When RiseTech Capital entered into a letter of intent with Tantalus on September 8, 2020, we sought to partner with the experienced leadership team at Tantalus to accelerate the growth of this purpose-driven, innovative technology company,” said Manny Padda, CEO of RiseTech Capital. “In entering into definitive agreements today and securing additional capital, we believe that Tantalus is well-positioned to leverage its industry proven solutions and become a market leader in helping utilities prepare for the transformation of distribution grids across North America and beyond. Our shareholders are extremely excited to have the opportunity to support them in their mission.”
In parallel, Tantalus also announced the closing of a financing in the amount of approximately CAD$8.8 million through a private placement of subscription receipts that will ultimately be exchanged for shares of the publicly-traded company. The financing, led by Canaccord Genuity and Cormark Securities, as Joint Book Runners, and PI Financial, included contributions from several institutional technology funds and retail investors. In announcing both events, Tantalus and RiseTech will submit a Filing Statement to the TSX-Venture Exchange to seek approval for the public listing of the combined entity.
“On behalf of our Board of Directors, shareholders, employees, utility users and partners, our management team is extremely excited to take this pivotal next step in the evolution of Tantalus. This milestone marks the continued success resulting from our unwavering purpose to deliver mission-critical solutions to public power and electric cooperative utilities,” said Peter Londa, President & CEO of Tantalus Systems. “As we seek to help communities prepare for the future where technological, environmental and behavioral developments impact the needs and expectations of consumers, we believe this transaction will position our company to remain a long-term partner to the utilities we serve. Tantalus plans to be at the epicenter of empowering our utilities to transform their distribution grids, engage with their customers and members, utilize granular data to enhance their operations, quickly respond to unexpected events and proactively support the communities they serve.”
About Tantalus
Over the past three decades, Tantalus has consistently and creatively delivered mission-critical technology solutions that enhance the safety, security, reliability and efficiency of public power and electric cooperative utilities across North America and the Caribbean Basin. By leveraging technology, Tantalus empowers utilities to transform their distribution grids from systems designed to support one-way power flow into a connected network of devices capable of supporting multi-directional power flow from solar panels, distributed storage and electric vehicles. The solutions and tools delivered by Tantalus enable utilities to also engage proactively with their customers and members, to be more responsive and reliable, pinpoint where to make capital investments to improve the resiliency of their grids, and generate cost savings by streamlining system operations. Tantalus’ comprehensive suite of smart grid solutions includes advanced metering infrastructure, demand-management technologies, data analytics, distribution automation and street lighting control systems - a broad portfolio built purposefully to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the completion of the merger with RiseTech Capital Corp. and gaining increased access to capital markets and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement.
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NORWALK, CT – December 08, 2020 - Smart grid technology leader Tantalus Systems is excited to recognize two utilities leveraging their smart grid and AMI solutions to help keep their local communities thriving despite ongoing challenges arising from the COVID-19 pandemic.
During Tantalus’ annual Users Conference, Tantalus recognized Morristown Utilities (MU) and Pulaski Electric System (PES) as co-recipients of this year’s Community Strong award which included a contribution of $5,000 to each utility in support of their programs to provide economic assistance to customers who are unable to pay their utility bills.
“As we consider the implications of the ongoing COVID-19 pandemic and the growing crisis for individuals across North America who are at risk of losing vital utility services due to an inability to pay for power and water, Tantalus remains steadfast in its commitment to enable public power and electric cooperative utilities to proactively support their communities and members. As we evaluated submissions received from utilities across our User Community for our Community Strong award, we chose to recognize two utilities for going above and beyond their core responsibility of delivering electricity and water by providing immediate economic assistance to individuals struggling to pay their power bills,” said Peter Londa, President & CEO of Tantalus Systems. “I am truly honored to highlight Morristown Utilities and Pulaski Electric System as recipients of this year’s Community Strong award and acknowledge their dedicated efforts to serve their communities during these challenging times.”
MU and PES each committed matching funds in partnership with the Tennessee Valley Authority (TVA) to provide economic assistance to those in need of help to pay their monthly utility bills. PES provided $20,000 in direct economic relief across their community in response to the COVID-19 pandemic. In addition, PES postponed disconnects for four months when the pandemic first began. PES is currently providing support across Giles County through a second round of their Community Care Fund, which is where the $5,000 Community Strong award from Tantalus will be allocated, increasing the overall fund to $25,000.
Through Project Help, MU partnered with TVA to initially create a $60,000 fund to support their customers who required assistance paying monthly utility bills ensuring that power would stay on at their homes. As the ongoing COVID-19 pandemic continues to impact their community, MU launched Operation Help whereby businesses and individuals may donate funds to support customers of MU who are in need of economic assistance. The contribution from Tantalus will be placed into this new program, which includes matching dollars from MU up to $50,000.
“We are honored to be recognized as a Community Strong recipient for our program which has gained the attention and support of members from our own community who have also made donations to assist their neighbors,” said Jody Wigington, General Manager, Chief Executive Officer at Morristown Utilities. “Project Help provided immediate assistance to those in need during these troubling times. In addition to providing economic assistance, we simultaneously leveraged Tantalus’ smart grid and advanced metering capabilities to identify those who were falling behind on their bills and provide them with flexible options to get back on track and maintain vital services for their family. Our new program, Operation Help, will similarly assist individuals and we truly appreciate Tantalus’ recognition and contribution in helping our community navigate through this pandemic.”
Learn more about all of the 2020 Community Strong submissions that showcase how Tantalus’ customers are supporting programs that make their communities a better place to live for their customers.
About Tantalus
Over the past three decades, Tantalus has consistently and creatively delivered mission-critical technology solutions that enhance the safety, security, reliability and efficiency of public power and electric cooperative utilities across North America and the Caribbean Basin. By leveraging technology, Tantalus empowers utilities to transform their distribution grids from systems designed to support one-way power flow into a connected network of devices capable of supporting multi-directional power flow from solar panels, distributed storage and electric vehicles. The solutions and tools delivered by Tantalus enable utilities to also engage proactively with their customers and members, to be more responsive and reliable, pinpoint where to make capital investments to improve the resiliency of their grids, and generate cost savings by streamlining system operations. Tantalus’ comprehensive suite of smart grid solutions includes advanced metering infrastructure, demand-management technologies, data analytics, distribution automation and street lighting control systems - a broad portfolio built purposefully to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.