MARKHAM, ON / ACCESSWIRE / March 25, 2021 / Pond Technologies Holdings Inc. ("Pond") (TSX.V:POND) (OTCQB:PNDHF) (FSE:400), an ESG company addressing global sustainability challenges of wellness and climate change, announces that on March 24, 2021 it entered into an amending agreement with Grant Thornton Limited, in its capacity as receiver and manager of Crystal Wealth Management System Limited, to amend certain terms relating to Pond's obligations under its existing loan arrangements with Grant Thornton.
The amendments provide for an extension of the term of the loan to June 30, 2023, with Pond agreeing to make a payment of $900,000 by March 31, 2021 towards interest and principal, monthly principal payments of $50,000 beginning July 31, 2021, and continued quarterly interest payments of 8%. All other terms of the loan remain in effect.
Thomas Masney, Pond CFO, commented, "Pond is pleased with the amendments as it will assist in stabilizing Pond's debt servicing expenses during the current expansion phase of its business plan".
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology leader in controlled environment cultivation of micro-algae. In over ten years of R&D, Pond has developed a robust disruptive technology platform based on artificial intelligence, proprietary LED-lights and patented CO2-management. The use of concentrated CO2 from industrial waste streams enables Pond to boost productivity of micro-algae well beyond the capacity of outdoor algae growers and allows industrial emitters to abate and ultimately recycle CO2. Pond is currently selling micro-algae derived antioxidant Astaxanthin under its Regenurex brand. As micro-algae are becoming increasingly important in pharmaceuticals and cosmetics, nutraceuticals, human nutrition, aqua farming, bioplastics and biofuels, Pond has begun to license its technology to third parties for ongoing license fees and royalties. Pond recently added a Biotech division focused on the growth of unique strains of micro-algae to be used as a reproductive medium for the expression of human anti-bodies and proteins.
For more information, please visit https://www.pondtech.com/.
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SOURCE: Pond Technologies Holdings Inc.
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