LOI with RiseTech Paves Way for Access to Capital to Accelerate Tantalus’ Continued Momentum
RALEIGH, N.C.--(BUSINESS WIRE)--#smartgrid--Smart grid technology leader Tantalus Systems today announced it has entered into a Letter of Intent (LOI) for a Qualifying Transaction to merge with RiseTech Capital Corp., a TSX Venture Exchange-listed capital pool company. Once finalized, the merger will result in Tantalus taking over leadership of the combined entity and gaining increased access to capital markets. Tantalus’ board and management team will remain in place and lead the combined company, which will continue to focus on delivering innovative smart grid solutions to public power and electric cooperative utility customers.
“RiseTech Capital includes a group of industry experts and technology veterans who are committed to accelerating the success of purpose-driven, innovative technology companies,” said Manny Padda, CEO of RiseTech Capital. “After a thorough review, we believe Tantalus offers a compelling model that delivers quantifiable value to its growing number of utilities and has the necessary management team in place to build an exceptional business. We’re thrilled at the opportunity to support them in their mission.”
In parallel, Tantalus also announced the addition of a new Chief Financial Officer (CFO), George Reznik. Mr. Reznik brings more than 25 years of experience as the CFO of publicly traded, high-growth technology companies in Canada. He comes to Tantalus after a successful tenure as CFO of Intrinsyc, a Canada-headquartered technology company providing Internet of Things (IoT) solutions and will join the leadership team of the combined company.
These developments come as part of a recent string of additional utility wins for Tantalus this year, including the addition of 16 new public power and electric cooperative utilities to its growing user community thus far in 2020. Tantalus has also recently become the preferred AMI vendor of another joint action agency, the Indiana Municipal Power Agency (IMPA), and is witnessing expansion across IMPA’s broader footprint. Tantalus remains uniquely committed to this critical market segment, and these additional wins brings the total number of public power and electric cooperative utilities leveraging Tantalus’ innovative solutions to more than 180 utilities.
“For more than 30 years, Tantalus has been driven by a single purpose—to deliver mission-critical solutions to public power and electric cooperative utilities. As we turned our attention to planning for the next 30 years and beyond, we wanted to expand our access to capital to accelerate our strategic plan in support of this vital segment of the North American utility industry,” said Peter Londa, President & CEO of Tantalus Systems. “Combining with RiseTech, bringing a veteran CFO on board and adding 16 new utilities to our user community provides us with even more momentum as we work to ensure the safety, prosperity and autonomy of the utilities we support and the communities they serve.”
Over the past three decades, Tantalus has consistently and creatively developed technology that enhances the safety, security, reliability and efficiency of public power and electric cooperative utilities across North America and the Caribbean Basin. Tantalus provides mission-critical smart grid solutions that include a market-leading edge computing platform, robust software applications and an advanced IoT communications network. Tantalus empowers utilities to access granular data from both legacy meters and cutting-edge two-way intelligent devices to improve customer service, facilitate consumer engagement, realize cost savings and streamline system operations. Its comprehensive suite of smart grid solutions includes advanced metering infrastructure (AMI), demand-management technologies, data analytics, distribution automation and street lighting control systems. This broad portfolio of solutions is purpose-built to support smart community initiatives essential to both the near-term and long-term success of the utilities Tantalus supports and the communities they serve.
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the completion of the merger with RiseTech Capital Corp. and gaining increased access to capital markets and other statements that contain words such as “believe,” “expect,” “project,” “should,” “seek,” “anticipate,” “will,” “intend,” “positioned,” “risk,” “plan,” “may,” “estimate” or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release and Tantalus disclaims any intention or obligation to update or revise any forward-looking information contained in this new release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement.