Latest news with #GeneralSecurityAgreement
NZ Herald
21-07-2025
- Business
- NZ Herald
Electric motorbike maker Ubco revived by Kiwi rich-list families, adopts new focus
Keen said the deal was structured as an asset sale. He had no comment on the price and other details until the next receivers' report, due late September. The rich-listers, who hold a majority of the new company, are Sir Stephen Tindall (via his K One W One vehicle), Peter Goodfellow (via Avalon Asset Management) and the Holdsworth family (via Evander Management; the late John Holdsworth was the founder of New Zealand's largest homegrown IT firm, the $1.5 billion-revenue Datacom; his family office retains a 55% stake, along with its myriad investments in start-ups). Sir Stephen Tindall, one of Ubco's three white knights. Photo / Greg Bowker The receivers were appointed by Goodfellow's Avalon to claw back money owed through a General Security Agreement dated October 31, 2024. Ubco fleet manager Grant Payton said 21 Ubco staff will work for the reborn company which, after a series of restructures, was down to 31 employees by the time of its receivership, from 109 last year. '21 families will sleep a lot more comfortably tonight than they have for the past six months,' Payton said. The 21 staff were kept on by the receivers to assist with servicing and spare parts. Ubco sold three bikes to NZ Post shortly before its receivership. The firm will stay at its Mount Manganui base, which will remain the hub for management, research and development and product design, while Taiwan's TPK will return as the contract manufacturer. Oliver Hutaff will return as chief executive. The acquisition also includes Ubco's Australian subsidiary, and Ubco's New Zealand finance subsidiary, which services fleets on subscription, neither of which was placed into receivership. Ubco, founded in 2015, sold more than 6000 of its electric motorcycles, but was caught in an endless series of capital-raising rounds as it scrabbled for cash. There are 60 Ubco 2x2 electric motorbikes in Domino's New Zealand delivery fleet. The bike maker got its foot in the door by offering the pizza chain a monthly subscription model rather than buying the 2x2s outright. Photo / Chris Keall Some insiders told the Herald the firm tried to expand too far and too fast. What will be different this time around? 'It's a much smaller team,' Payton said. 'We won't try to be everything to everyone in every market in the world.' Ubco will still make single bike sales to urban hipsters, but the focus will be on fleets. Domino's was the pilot customer for a "monthly subscription" fleet deal covering Ubco's bikes and software to mange them. Shortly before its receivership, the firm sold 175 of its new 'Duty' model to Australia Post, plus three to NZ Post in a more modest pilot. Domino's was also a marquee customer. 'Still heavily engaged with Australia Post and other postal agencies. It wasn't easy, but we kept those doors open,' Payton said. Now open for defence business Another change: soon after the receivership, Mark Phillips, managing director of Ubco Australia between March 2020 and September 2022, blamed the collapse in part on squeamishness about pursuing defence opportunities. Payton said that is no longer the case. 'The military is absolutely a focus. Anywhere that need a utility bike.' Farms and conservation agencies will also be points of focus. Two new distributors have been appointed: Toad in Europe, which Payton is hoping will lead to fleet deals with French military and police, and The Utility Bike Company in the US, which has been formed by a former Ubco sales manager. Kiwi 'legacy' continues Grant Thornton's Keen says he's 'delighted' with the outcome after a 'robust sales process'. 'It's fantastic to see a Kiwi business continue its legacy with key team members remaining – something that's particularly challenging in today's economic environment, where distressed businesses face significant loss of talent and even closure," Keen said. An Ubco 2X2 at Auckland's Hobsonville Point. Photo / Chris Keall While Utility Fleet Vehicles' primary focus is on commercial fleets, individuals, including past purchasers from the former business, can still buy Ubco bikes and parts through the dealer network, Payton said. Key fleet trials are under way and further updates on partnerships and product launches are expected in the coming months. 'Not many companies come through a process like this with their core team retained, their product refined, and their direction clearer than ever,' Hutaff said. 'That tells you a lot about the strength of what we've built and where we're headed.' Chris Keall is an Auckland-based member of the Herald's business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.
NZ Herald
14-07-2025
- Business
- NZ Herald
Solar Group in liquidation: Kiwibank among creditors owed more than $3 million
The company, which provided installation and services of solar power, pool heating and hot water systems, has ceased trading and staff have been terminated. The first liquidator's report said Kiwibank holds a General Security Agreement – granting it security interest over the borrower's assets – and is owed $1.8m. Kiwibank had engaged Ruscoe and Keen to review the financial performance and viability of Solar Group in December last year, the report said. That review was extended in February to include the company's forecast performance and cash flow. Ruscoe and Keen said they were aware of nine potential employee claims. So far, they had received four employee claims totalling $102,336, including outstanding wages, commissions and holiday pay. Inland Revenue is owed approximately $933,675, with a significant portion expected to be preferential. There are also 118 unsecured creditors, which are owed $1,059,434. Creditors include ACC, Fuji Xerox, Meridian Energy, the Ministry for Primary Industries, NZ Couriers and Spark NZ. According to a statement of affairs, Solar Group has estimated assets of $2.5m, which is largely made up of intangible assets of $1.2m. The company has stock on hand with an estimated worth of $524,136. Ruscoe and Keen said it is unknown is any funds will be available to make payment to creditors. Solar Group is also a party in the disputes tribunal and district courts. Behind the ball Last year, Solar Group managing director Roeland Driessen told the Herald that solar uptake in New Zealand was slow compared to the rest of the world. 'The number of connections is about 3% solar,' Driessen said. 'In other countries like Australia, the United States, it's 30-40%. So we are way behind [the] ball.' Cost was one of the biggest issues. A solar system for the average New Zealand home comes with a price tag of about $25,000. In November last year, SolarZero was placed into voluntary liquidation owing more than $40m to over 700 creditors and staff. The company had 169 staff at the time of liquidation and about 15,000 customers. Cameron Smith is an Auckland-based business reporter with the Herald live news team. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace, and macro-economics.
Yahoo
16-06-2025
- Business
- Yahoo
Reeflex Solutions Inc. Announces Credit Facility With the Royal Bank of Canada
CALGARY, Alberta, June 16, 2025 (GLOBE NEWSWIRE) -- Reeflex Solutions Inc. (TSXV: RFX) ('Reeflex' or the 'Company') is pleased to announce that it has entered into a credit agreement with the Royal Bank of Canada ('RBC') for credit facilities (the 'Credit Facilities') that will support the Company's continued growth and operational flexibility, including working capital requirements and potential expansion opportunities. The Credit Facilities consist of: (i) a revolving demand facility in the amount of $1 million bearing interest at the Royal Bank Prime Rate + 1.25%; and (ii) a revolving term facility in the amount of $500,000 available by way of a series of variable rate term loans and fixed rate term loans with terms up to 72 months. The specific repayment terms of a drawdown under the revolving term facility will be agreed to between the Company and RBC at the time of drawdown. 'We are very pleased to have secured this credit facility with RBC,' said John Babic, President & CEO of Reeflex. 'This financing represents a vote of confidence in our business model, management team, and long-term strategic vision. It also enhances our ability to execute on our growth plans.' The Credit Facilities are secured by a General Security Agreement constituting a first ranking security interest in all of the property of Reeflex and a personal guarantee by an officer and director of the Company. The credit agreement includes standard financial reporting obligations and customary fees, including an annual renewal fee, arrangement fee, and monthly management fee. About Reeflex Reeflex is a public company delivering advanced engineering and manufacturing solutions across various industry sectors. Through our wholly-owned subsidiary, Coil Solutions Inc., we provide coil tubing injectors and downhole tools for the oil & gas sector. Our manufacturing division, Ranglar Manufacturing, specializes in custom-designed mobile equipment for a wide range of industrial applications. See and Reeflex Contact For further information, please contact: John BabicPresident, Chief Executive Officer and Director Email: 780-909-4220 Cautionary Note Regarding Forward-Looking Information This press release contains 'forward-looking information' or 'forward-looking statements' within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including statements included in the 'About Reeflex' section of this press release, are forward-looking. Generally, the forward-looking information and forward-looking statements can be identified by the use of forward-looking terminology such as 'anticipate', 'believes', 'estimates', 'expects', 'intends', 'may', 'should', 'will' or variations of such words or similar expressions. More particularly, and without limitation, this press release contains forward-looking information or forward-looking statements concerning the resumption of trading of the Reeflex Shares on the TSXV and Reeflex capitalizing on opportunities for growth in its industry. Reeflex cautions that all forward-looking information and forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Reeflex, including expectations and assumptions concerning Reeflex, as well as other risks and uncertainties, including those described in Reeflex's filings available on SEDAR+ at The reader is cautioned that assumptions used in the preparation of any forward-looking information or forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Reeflex. The reader is cautioned not to place undue reliance on any forward-looking information or forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information and forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Reeflex does not undertake any obligation to update publicly or to revise any of the included forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-02-2025
- Business
- Yahoo
Katipult Receives Demand Letter and Notice of Enforcement of Security From Senior Secured Lenders
Calgary, Alberta--(Newsfile Corp. - February 12, 2025) - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Company"), today announced it has received a demand letter from its senior secured lenders (the "Lenders"), which demand full payment of the Company's outstanding debt pursuant to the General Security Agreement dated July 18, 2024 and the Amended and Restated Secured Convertible Debentures dated July 18, 2024 in the total amount of C$3,000,000. In addition, the Lenders have each provided the Company with a Notice of Intention to Enforce Security (the "BIA Notices") pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). The Company has engaged in discussions with its creditors to evaluate potential solutions to enable the Company to carry on in some form in the future; however, there can be no assurances it will be able to successfully do so. Katipult intends to pursue all available options afforded by law to continue to support its customer base. KSV Restructuring Inc. was appointed to act as Receiver ("the "Receiver") February 11th, 2025 at the Court of King's Bench of Alberta. For further information please visit the Receiver's website at Trading on the TSX Venture Exchange (the "TSXV") has been halted and the Company anticipates that trading on the TSXV will be suspended and that Katipult will ultimately be delisted. About Katipult: Katipult ( is a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. Our cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors, and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements. Contact Information For further information, please contact: Beth ShawChief Executive Officer Email: bshaw@ 1(403) 457-8008 Cautionary Note Regarding Forward-Looking Information: Certain statements contained in this press release constitute "forward-looking statements" within the meaning of Canadian securities laws (each referred to as "forward-looking statements"). Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses, or current expectations, including the expected outcome of the Bankruptcy Proceedings, the expected enforcement actions by secured creditors and the Company's continued non-compliance with applicable Canadian securities laws. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to Katipult, as applicable, or that Katipult, deems immaterial, could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements, and you should not rely on them as predictions of future events. The forward-looking statements included in this communication are made as of the date of this communication and Katipult does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Disclaimer Neither the TSXV nor its Regulation Service Provider (as defined policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release. To view the source version of this press release, please visit Sign in to access your portfolio
