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    EFL   CA28617B1013

ELECTROVAYA INC.

(EFL)
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Electrovaya : Announces Increased Credit Facility and Provides Update

07/03/2020 | 09:19am EDT

Electrovaya Inc. ('Electrovaya' or the 'Company') (TSX: EFL; OTCQB: EFLVF), a lithium-ion battery manufacturer with industry-leading performance, today announced that it has closed an agreement with a Canadian financial institution to increase its revolving credit facility from C$1.5 million to C$4.5 million.

The facility will support fulfillment of purchase orders.

Electrovaya also has a C$10 million non-revolving credit facility from the same financial institution. More than C$4 million of this debt has been paid down from operating cash flow over the last four months, bringing the outstanding balance to approximately C$6 million.

The Company is also providing the following updates: Revenue for the fiscal third quarter ended June 30, 2020 is expected to be approximately double the total reported in the fiscal second quarter, as previously disclosed, barring unforeseen circumstances.

To date, Electrovaya has shipped more than 700 lithium ion battery systems for use in material handling electric forklifts, and more than 1,000 batteries for automated guided vehicles.

The Company's products are critical to the food, grocery and other critical supply chain and Electrovaya continues to operate despite the headwinds and challenges of the COVID-19 pandemic.

Contact:

Tel: 905-855-4618

Email: jroy@electrovaya.com

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 33,6 M - -
Net income 2021 1,04 M - -
Net Debt 2021 - - -
P/E ratio 2021 40,0x
Yield 2021 -
Capitalization 172 M 172 M -
Capi. / Sales 2021 5,11x
Capi. / Sales 2022 2,64x
Nbr of Employees 37
Free-Float 61,1%
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Technical analysis trends ELECTROVAYA INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 1
Average target price 1,59 $
Last Close Price 1,20 $
Spread / Highest target 32,5%
Spread / Average Target 32,5%
Spread / Lowest Target 32,5%
EPS Revisions
Managers and Directors
NameTitle
Sankar Das Gupta President, Chief Executive Officer & Director
Richard Peter Halka Chief Financial Officer & Executive Vice President
Alexander McLean Chairman
Rajshekar Das Gupta Chief Operating Officer
James K. Jacobs Independent Director
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