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LION ELECTRIC ANNOUNCES ADDITIONAL AMENDMENTS TO CERTAIN SENIOR CREDIT INSTRUMENTS AND ADDITIONAL WORKFORCE REDUCTIONS

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MONTREAL, Dec. 1, 2024 /CNW/ – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that it has entered into additional amendments to (i) its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec (the “Revolving Credit Agreement”), and (ii) its loan agreement entered into with Finalta Capital and Caisse de dépôt et placement du Quebec (the “Finalta CDPQ Loan Agreement”), in order to extend the period applicable to the previously announced suspension of the financial covenants under the Revolving Credit Agreement from November 30, 2024, to December 16, 2024 and extend the maturity date under the Finalta CDPQ Loan Agreement from November 30, 2024 to December 16, 2024.

In furtherance of the amendments, an additional advance will be made under the Revolving Credit Agreement and the Company will be permitted under the Finalta CDPQ Loan Agreement to use a limited portion of the receivables to be received by the Company in order to fund the Company’s minimum liquidity needs until December 16, 2024. Such additional liquidity will also provide the Company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives, including seeking creditor protection under the Companies’ Credit Arrangement Act. There can be no assurance that the Company will be successful in pursuing and implementing any such alternatives, nor any assurance as to the outcome or timing of any such alternatives.

The Company also announced a reduction of its workforce through temporary layoffs of approximately 400 employees, in both Canada and the United States, across all departments within the organization. Following this workforce reduction, Lion will have approximately 300 employees who will focus on the Company’s bus manufacturing, sales and delivery operations as well as assisting customers with the servicing and maintenance of vehicles on the road. The Company’s manufacturing operations at its facility located in Joliet, Illinois will also be suspended as a result of this workforce reduction.

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.  

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”), including statements regarding the amendments entered into by the Company, potential alternatives relating to a restructuring of the Company’s obligations, the Company’s evaluation of other potential alternatives, statements about Lion’s beliefs and expectations and other statements that are not statements of historical facts. Forward-looking statements may be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. The forward-looking statements contained in this press release are based on a number of estimates and assumptions that Lion believes are reasonable when made. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information on estimates, assumptions, risks and uncertainties underlying certain of the forward-looking statements made in this press release, please consult section 23.0 entitled “Risk Factors” of the Company’s annual management’s discussion and analysis of financial condition and results of operations (MD&A) for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission, including the Company’s interim MD&As. Many of these risks are beyond Lion’s management’s ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the Company’s annual MD&A for the fiscal year 2023 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

See section 2.0 of the Company’s interim management’s discussion and analysis for the three and nine months ended September 30, 2024 (the “Interim MD&A”), entitled “Basis of Presentation,” section 15.0 of the Company’s Interim MD&A entitled “Liquidity and Capital Resources,” and note 2 of the Company’s unaudited condensed interim consolidated financial statements as at September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023 which indicate the existence of material uncertainty that may cast significant doubt on the Company’s ability to continue as a going concern.

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SOURCE The Lion Electric Co.

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Technology

iGarden Debuts TurboX Series Robotic Pool Cleaner and Robotic Lawn Mower

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January 9, 2025

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LAS VEGAS, Jan. 8, 2025 /PRNewswire/ — iGarden, a pioneer in smart, comprehensive outdoor living solutions, is proud to announce the launch of two groundbreaking product series: the iGarden TurboX Series Robotic Pool Cleaner and the iGarden Lawn Mower.

iGarden TurboX Series Robotic Pool Cleaners – Effortless Pool Maintenance Redefined

Featuring a sleek hypercar inspired design packed with state-of-the-art iGarden AI-InverterTM technology that guarantees powerful, long-lasting performance, the iGarden TurboX Series is a year round device, ensuring your pool stays sparkling clean with minimal effort.

Pool Cleaning Powerhouse 

Being the Guinness Record Holding Endurance Champion for Longest Continuous Operation robotic pool cleaner, the TurboX series is a pool cleaning powerhouse with the TurboX Master edition featuring a record 15 Hour Marathon performance. Integrated with multiple patented iGarden AI-InverterTM  technologies, the TurboX Master boasts greater cleaning and battery efficiency, resulting in a lighter machine and long-lasting performance and run time, allows for up to a month of use without recharging, assuming twice-weekly cleanings*. The TurboX Master also comes with its Turbo mode for 200% extra turbocharged suction to clear those tougher stains.

Effortless Navigation Through Any Pool 

Armed with infrared sensors, IMU (inertial measurement unit + gyroscope), and obstacle-crossing design (tracks), the TurboX Master possesses strong compatibility, catering to cleaning needs of all shapes and sizes from pool steps, plateaus and round or oval shaped pools. Its intelligent algorithm allows the TurboX Master to autonomously return to its initial drop-off point when the battery is low, ensuring it does not remain adrift in the middle of the pool.

Intelligent Cleaning Paths 

The TurboX series follows an advanced 3D “S” pathing system, methodically cleaning every inch of your pool, leaving no spot untouched. Its modular propeller design gives it an edge when it comes to cleaning tough to remove algae and particles along the water line and bottom of the pool.

Elite Aesthetics and Durability

Featuring multi-layered anti-corrosion and UV-resistant coating, the TurboX Master ensures long-lasting durability against prolonged pool water and sunlight exposure. It also comes integrated with a magnetic filter basket which is designed for easy extraction from the top, making scheduled maintenance a breeze. The holographic touch interface is made for easy operation and resistant to deterioration or water damage.

iGarden Lawn Mower – the All-Terrain Robotic Lawn Mower

Powered by advanced AI technology Zero-turn AWD high traction driving system and the company’s inherited energy management system, the iGarden Lawn Mower brings users All-Scenario Friendly robotic lawn mower keeps your lawn perfectly manicured with minimal effort.

Flawless Cutting Performance Without the Hassle

With its built-in AWD, the Garden Lawn Mower can master slopes and hills and offering superior traction when traversing various terrains and precision manoeuvring for flawless cuts on uneven ground. The robust battery system allows the iGarden Lawn Mower to enjoy up to 10 hours of continuous, flawless mowing on a single charge, making it the best maintenance device to ensure your lawn is perfectly maintained at all times, day or night.

Made for Ease of Use and Convenient Wireless Control

Unlike other robotic lawn mowers, the iGarden Lawn Mower comes integrated with LiDAR technology and doesn’t require cumbersome perimeter wires or RTK reference stations. With the iGarden Lawn Mower, you can be ready to mow in minutes. Users can easily set up and monitor multiple lawn zones with ease, ensuring every area receives the perfect cut.

Smarter Mapping with AI Vision and Unwavering Precision

Cutting-edge AI technology allows the lawn mower to automate mapping, cross-edge cutting, and seamless obstacle recognition and avoidance. The 360° 430K-point cloud 3D LIDAR ensures stable, interference-free positioning and mapping for unparalleled accuracy and reliability. The iGarden Lawn Mower is specifically designed to avoid cutting flowers, so your garden and hedges remain beautifully untouched.

The iGarden TurboX and TurboX Master will be available in March and April 2025 respectively, and the iGarden lawn mower will be available on Kickstarter in April 2025. 

About iGarden

Founded in 1999, iGarden has been at the forefront of revolutionizing outdoor living with smart, comprehensive solutions that seamlessly blend premium energy efficiency with sophisticated design. iGarden is dedicated to pushing the boundaries of technology and design to elevate your everyday lifestyle to new heights of elegance and comfort.

Our product range is meticulously crafted to enhance every aspect of the outdoor experience. From our cutting-edge inverter pool technology to advanced robotic pool cleaners, solar energy panels, robotic lawnmowers, and surfing-swim machines, iGarden offers a holistic suite of solutions that transform your outdoor space into sanctuaries of luxury and efficiency.

At iGarden, we understand that true innovation lies in the details. Our vision is to provide you with hassle-free, stylish, and sustainable outdoor living solutions that not only meet but exceed expectations. Elevate your lifestyle with solutions designed to integrate seamlessly and experience the epitome of performance without the hassle.

Experience the artful living with iGarden:

Website: www.fairlandgroup.com
Facebook: https://www.facebook.com/people/iGarden/61570919963920/
YouTube: https://www.youtube.com/channel/UCKtrBDHjIeviWcSzMP_dpZg

Media Contact:

TEAM LEWIS
Leo Li
Email: leo.li@teamlewis.com

 

 

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SOURCE iGarden

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Technology

Vatrer Power Debuts Latest LiFePO4 Sustainable Energy Technology Solutions at CES 2025

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27 minutes ago

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January 9, 2025

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LAS VEGAS, Jan. 8, 2025 /PRNewswire/ — Vatrer Power, the leading Lithium Iron Phosphate (LiFePO4) product and technology solution provider, is currently showcasing its latest sustainable energy solutions and products for consumer electronics, home energy storage, and electric vehicles at Booth #35906 during CES 2025, held from January 7 to 10 in Las Vegas.

“The CES exhibition is not only a platform to highlight our latest products but also an opportunity for us to communicate with global innovators, industry leaders, consumer users, and more. The brand mission of Vatrer Power is ‘to make green energy at your fingertips,’ and we hope to welcome you to visit us at the exhibition or follow us online,” said Henry Ma, CEO of Vatrer Power.

The Vatrer 48V 105AH Lithium Golf Cart Battery, to be highlighted at CES 2025, adopts EVE’s Grade A Prismatic LiFePO4 cells and offers 5.37kWh of energy. It delivers 10.24kW of power with low self-discharge and stable performance that’s 50 percent more powerful than similar-sized lithium batteries, and provides strong acceleration to handle tough terrains with ease. Engineered for 48V golf carts, this battery offers powerful energy and compatibility with major golf cart controllers, includes a 58.4V 20A LiFePO4 charger for fast charging, and features a 2.8-inch touchscreen for real-time monitoring.

The Vatrer 48V (51.2V) 100Ah LiFePO4 Lithium Solar Battery is a compact and high-efficiency home energy storage solution that seamlessly integrates with renewable energy. Its user-friendly design features a touchable smart interface for monitoring and controlling the battery anytime, anywhere, providing great convenience. With no acid in the lithium-ion battery, it can be mounted in any position, making Li-ion batteries perfect for marine, RV, campers, travel trailers, and off-grid applications.

In addition, the Vatrer 12V 460AH RV Lithium Battery is specifically designed for RVs and a perfect replacement for lead-acid batteries. It boasts a capacity of 5,888Wh and an impressive maximum load power of 3,200W. It fits the most unobstructed lead-acid battery trays with a compact size that takes up only half the space of four 12V 100Ah batteries. When used in conjunction with MPPT and an inverter, it seamlessly integrates into solar power systems, providing uninterrupted power supply for the RV.

At CES 2025, Vatrer Power’s exhibition will also feature simulations to demonstrate the products’ performance under extreme conditions. Visitors will have the opportunity to try the products firsthand and experience their functionality and efficiency.

Looking ahead, Vatrer Power will continue to innovate powerful, long-lasting and affordable LiFePO4 batteries for broader applications and accentuate on its commitment to green energy accessibility, supporting sustainable practices to build a green future for all.

For more information about Vatrer Power’s products and exhibition at CES 2025, please visit https://www.vatrerpower.com/blogs/event/consumer-electronics-show-2025.

About Vatrer Power

Vatrer Power was founded on a commitment to bridge the gap between cost and accessibility and mission of democratizing access to advanced lithium iron phosphate (LiFePO4) technology to make sustainable energy solutions affordable for all. Vatrer Power opened its flagship store in 2020—not just as a business venture but as a pledge to the planet and customers. Today, with a dedicated team of 200, it leads in providing eco-friendly batteries that power everything from consumer electronics to electric vehicles, ensuring energy that is not only reliable but also responsible. Driven by a promise of quality, innovation, and trust from the community, Vatrer Power thrives to create a greener future, not just powering the devices, but powering a better, sustainable life for everyone.

www.vatrerpower.com

https://www.instagram.com/vatrerpower/

https://www.youtube.com/@Vatrer

https://www.tiktok.com/@vatrerpowerofficial

CONTACT: Zixin Li, global@vatrerpower.com

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SOURCE Vatrer Power Inc.

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Technology

Yeahka Partners with Mastercard to Launch Acquiring System

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27 minutes ago

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January 9, 2025

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HONG KONG, Jan. 9, 2025 /PRNewswire/ — Recently, Hong Kong-listed Yeahka (09923.HK) has launched an acquiring system in partnership with global payments technology leader Mastercard and its joint venture in China, Mastercard NetsUnion. This marks another upgrade in Yeahka’s international card organization partnership channels.

Earlier in March of this year, Yeahka officially became a member institution of Mastercard. The newly launched acquiring system now supports foreign card acceptance, further enhancing Yeahka’s transaction capabilities in its payment business. This development provides merchants with more diverse and comprehensive payment services, while also making it more convenient for international consumers to make payments in China.

Moreover, Yeahka and Mastercard will collaborate to explore diversified value-added services, including but not limited to digital innovation and marketing solutions. They will also actively expand international market payment partnerships together.

This advancement lays a solid foundation for Yeahka’s application to become a member of more international card organizations. Previously, Yeahka had also partnered with another international card organization, American Express, and in September 2021, they jointly launched the American Express RMB card acquiring business.

Yeahka has stated that it will continue to drive collaboration with card organizations, banks, and other institutions, offering high-quality services and continuous innovation to provide customers with efficient, convenient, and secure one-stop payment solutions. Beyond payments, the company is also committed to providing multi-layered smart service products, including merchant operation SaaS services and data-driven marketing solutions to merchants across various industries.

Notably, in recent years, Yeahka has been focusing on cross-border payments, expanding into new markets and seeking new growth opportunities. It has already acquired licenses such as the Hong Kong MSO, Singapore MPI, and U.S. MSB, and has established a preliminary, comprehensive cross-border payment service network. In 2023, the company officially launched its cross-border payment business brand, YeahPay. According to the latest financial report, Yeahka’s cross-border payment business has seen rapid growth, with third-quarter GPV increasing by nearly 50% year-on-year in 2024.

View original content:https://www.prnewswire.com/apac/news-releases/yeahka-partners-with-mastercard-to-launch-acquiring-system-302346627.html

SOURCE Yeahka Limited

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