MONTREAL, Aug. 12, 2022 (GLOBE NEWSWIRE) — (CSE: EMER) Emergia Inc. (the “Corporation” or “EMERGIA”) is pleased to update the status of the Corporation’s projects and assets.
“We are pleased to announce that the Corporation is in line with its 2022 plan of action. Indeed, the Corporation managed to sell its property in Lac Brome for the expected price of $1.8 million indicated in its 2021 year-end and in its Q1-2022 financial statements and corresponding MD&As, which sale is expected to close in the coming weeks. We are also proud to announce that the management closed on the conversion of convertible debentures for an amount in capital and interests totalling $2.35 million in July. Since the proceeds of the sale of the Lac Brome property will be applied against debts, these transactions will allow Emergia to reduce its debt by $4.15 million in July and August, reducing its global debt ratio under 40%.” said Henri Petit, President and Chief Executive Officer of the Corporation.
“Furthermore, we are pleased to announce that the Corporation’s development projects in Bromont and Dorval in the province of Quebec, and Alliston in Ontario, are progressing as expected. Additional information will be communicated in the coming weeks with respect to the advancement of the said developments” added Henri Petit.
More detailed information is contained in the Q1-2022 Quarterly Report, available under the Corporation’s profile on SEDAR at www.sedar.com.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multi-residential, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
Source: Emergia Inc.
For more Information, please contact:
T: 1.888.520.1414 (Ext. 231)
This press release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as “about”, “approximately”, “may”, “believes”, “expects”, “will”, “intend”, “should”, “plan”, “predict”, “potential”, “project”, “anticipate”, “estimate”, “continue” or similar words or the negative thereof or other comparable terminology. Such forward-looking information includes, without limitation, statements pertaining to the expected acquisitions and expected completion of such acquisitions, the business strategy and plans, and objectives of or involving the Corporation. The forward-looking information is based on certain key expectations and assumptions made by the Corporation, including expectations and assumptions concerning satisfaction of all conditions of closing, the receipt of required approvals and the availability of capital resources. Although the Corporation believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information since no assurance can be given that they will prove to be correct. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the effect of the COVID-19 pandemic on the Corporation’s financial condition, the real estate industry, and society as a whole, the market for the common shares, volatility of market price for common shares and other risks generally attributable to the business of the Corporation. For additional information with respect to risks and uncertainties, refer to the annual MD&A of the Corporation for the year ended December 31, 2021 and to the other periodic filings that the Corporation has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under the Corporation’s SEDAR profile at www.sedar.com.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE CORPORATION AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE CORPORATION MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.