TORONTO, March 10, 2023 (GLOBE NEWSWIRE) — Eddy Smart Home Solutions Ltd. (“Eddy” or the “Company”) EDYis pleased to announce that it has increased its previously announced (December 29, 2022) $3 million revolving credit facility with an independent private lender (the “Lender”) to $5 million (the “Facility”) ) has increased.

This facility bears interest at a rate of 8% (rising to 14% in the event of default) per annum and has a term of two years. The Company has also agreed to enter into security agreements (subject to TSX Venture Exchange approval) that provide for initial encumbrance security for its Facility assets to be posted no later than May 31, 2023. No fees have been paid in connection with the Facility.

The Company intends to use the majority of the net proceeds from the Facility for working capital purposes to meet its growing contract backlog and general corporate expenses. The company is currently actively deploying at approximately 60 commercial sites.

ABOUT EDDY
Eddy is a North American provider and developer of intelligent residential and commercial water metering products and monitoring services that helps property owners protect, control and conserve water usage by combining water sensing devices with behavioral learning software. For more details about the company’s products or corporate information, please visit www.eddysolutions.com.

Additional information on the Company’s financial results can be found in the Company’s Unaudited Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three and nine months ended September 30, 2022 which are available on Eddy’s SEDAR website at www.sedar.com. Additional information is also available on Eddy’s website at www.eddysolutions.com/investors.

FORWARD LOOKING INFORMATION AND TESTIFY
This press release contains forward-looking statements within the…