Aetherion Technologies Inc 6-K, filed Jul 23, 2020
Aetherion Technologies Inc. (AETR)
About this 6-K
Aetherion Technologies Inc filed this 6-K on July 23, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2020
Commission File Number: 001-34152
Westport Fuel Systems Inc.
(Translation of registrant's name into English)
1750 West 75th Avenue, Suite 101, Vancouver, British Columbia, Canada, V6P 6G2
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [ X ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
On July 23, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(c) Exhibit 99.1. Press release dated July 23, 2020
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Westport Fuel Systems Inc. | ||
| (Registrant) | ||
| Date: July 23, 2020 | /s/ Richard Orazietti | |
| Richard Orazietti | ||
| Chief Financial Officer | ||
EXHIBIT 99.1
Westport Fuel Systems Secures US$10 Million Credit Facility from Export Development Canada
~Strengthens liquidity to weather the impact of COVID-19~
VANCOUVER, British Columbia, July 23, 2020 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport Fuel Systems” or the “Company”) (TSX:WPRT / Nasdaq:WPRT) today announced that they have closed a US$10 million term credit facility (the “facility”) from Export Development Canada (“EDC”) to bolster liquidity during the COVID-19 pandemic.
The credit facility from EDC enables the Company to make periodic requests for advances for a period of nine months from the date of the Amended and Restated Loan Agreement and has a final maturity date twelve months from the date of the Agreement. The facility’s interest rate is US Prime + 3.00% per annum on drawn amounts and has no prepayment penalty or standby charge. On March 25, 2020, the Company, in partnership with EDC, announced that it amended their existing term loan to defer 2020 principal payments of US$6.0 million and to extend the loan until September 30, 2022.
“These transactions confirm the continued strong support of Export Development Canada and their unwavering commitment to Canada’s clean-technology exporters,” said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “As our global operations ramp up production, this facility provides additional liquidity, if required. We are grateful for our long-standing partnership with EDC and the speed at which they have mobilized to help Canadian companies weather the market headwinds introduced by COVID-19.”
“EDC is proud to have supported Westport Fuel Systems’ innovation and international growth through our cleantech program for more than two years,” said Dan Mancuso, EDC’s Senior Vice President, Financing and Investments. “EDC is focused on helping all Canadian businesses navigate the challenges of the COVID-19 pandemic and providing this facility to Westport Fuel Systems supports one of Canada’s most innovative cleantech companies.”
About EDC
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Investor Inquiries:
Shawn Severson
Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com