VANCOUVER, BC / July 22, 2023 / Infinitum Energy Pte. Ltd. (“Infinitum“, “iEg“, or the “Company“) regrets to inform stakeholders that Infinitum has served MyTC Corporation (“MyTC”); its sole shareholder eWealthtech LLC (“eWealth”); and it’s Directors, Mr. Mrudang Patel (“Mru Patel”, or “Patel”) and Mr. Bharat Sevak (“Sevak”) with a notice of default for their subscription of the Company’s $7,500,000 Series A financing jointly announced November 18, 2022.
Infinitum has made numerous attempts over the previous months to find an amicable solution with MyTC, Patel and Sevak. As a result of MyTC not responding to the Notice of Default sent on July 10th, 2023, iEg deems MyTC to have defaulted in its obligations and is therefore in breach of its binding agreements.
Infinitum reserves the right to seek damages should the Company deem it to be in the Company’s interest.
Lindsay Nagle, Infinitum’s CEO, commented: “This most regrettable situation is not what we had envisioned with what looked to be a promising collaborative engagement. However, we wish Mru, Bharat and the rest of the MyTC and eWealth team the best in their future endeavours.”
About Infinitum Energy Pte. Ltd.
Infinitum is a climate infrastructure company specializing in the development of clean energy projects within emerging markets. The Company’s core focuses are high-impact solar, wind, and innovative waste-to-energy projects. Through strategic partnerships with leading financial institutions, the team has executed on 42 clean energy projects spanning 13 countries to date, with investments amounting to over $12 billion. Infinitum’s five development-stage projects are located across Sierra Leone, Uganda, Turkey, Mongolia, and Sri Lanka, totalling more than $2.5 billion of expected capital expenditures.
For further information on the Company, please visit https://www.infinitumenergygroup.com
ON BEHALF OF THE BOARD
“Lindsay Nagle”
Director & CEO
For more information contact:
Jeremy Wright, Director & CFO
+1 (604) 837-7990
[email protected]
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This news release may contain forward-looking statements and information concerning the Company; and includes its wholly owned subsidiaries.
The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning the success of new project development, the accuracy of information provided by new investors during the Company’s “know your investor” and AML reviews, the continued ability to access capital through equity offerings to support the Company’s ongoing operations, and other factors that affect demand for the Company’s products.
Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company’s actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to a Company project successfully completing a financial close, being able to generate carbon credits, expenditures and other factors that affect demand for the Company’s products, industry competition, uncertainties as to the Company’s ability to implement its business strategy effectively on a global basis, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, political and economic conditions and the Company’s ability to attract and retain key personnel.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether, as a result of new information, future events or otherwise, except as required by law.
