LONDON, May 20, 2020 /PRNewswire/ -- E-Getx Limited closes all current debt and merges assets into ConFlow Power Group Limited with immediate effect.
ConFlow Power Group Limited (CPG) has been formed as part of a major restructuring ahead of the new group's intention to focus operations on the lighting sector. CPG has made a strategic acquisition, resulting in majority ownership of one partner company, and another resulting in a minority share position in a second partner company, creating ConFlow Power Group Limited.
This reorganisation of the company sees ConFlow Power Group acquire 100% of Power Avenues Limited and all residing lighting technology and Intellectual Property along with a 20% stake in Power as a Service Limited a trading partner of E-Getx. CPG will also pay off all remaining debt owed to Apollo Research Labs for the acquisition last year of BatteryWare Limited.
CPG will now take aim on the lighting sector to implement its growing inventory of technologies in the off-grid power sector.
CPG is a conglomerate of power-related technologies providing solutions for remote power and power testing, data analysis and implementation for a continuous flow of power in off-grid situations. The new group structure is in late stage negotiations for multiple installations in three key locations to prove out its technology by in-field testing.
CPG will be taking on 40,000,000 GBP of debt to fund this restructuring and intends to raise a further 22,000,000 GBP in capital before the end of this calendar year.
Further announcements are expected in the coming weeks as the implementation of in-field testing is agreed, and dates are set for installations. Unfortunately, all planned installations have been delayed due to the Covid-19 pandemic. According to Manfred von Nostitz, director of the ConFlow Power Group, responsible for Southeast Asia relations, the company has been particularly hard hit by the pandemic in Asia, where all business travel and meetings with foreigners has ceased. This has caused key installations planned for March this year to be delayed until further notice. However, he noted that all parties fully expect these delays to be caught up as soon as the travel pandemic restrictions have been lifted, hopefully by the end of the third quarter.