FormerXBC Inc XEBEQ

RE:3 things in Greenlane's release that make Xebec look better

[Ciao]

What about these shenanagins...capacity issues at GRN / high credit risk customers?

Updated Timing of Previously Announced Contract in 2020: In February 2020, the Company announced a US$5.3 million ($7.0 million at Canadian dollar value on announcement) biogas upgrading contract with Renewable Natural Gas Company of Ligonier, Pennsylvania (“RNGC”). Under the contract the Company was to supply three biogas upgrading systems, each of which uses the Company’s water wash technology and was to be fulfilled in part from equipment held in inventory. During the third quarter ended September 30, 2021, the contract with RNGC was amended to reduce the scope of supply from three systems to one, because two of the systems were sold in the quarter to another customer for US$3.0 million ($3.8 million). Due to the scope of the new contract, the value of the combined contracts is now US$4.8 million ($6.0 million) and the backlog has been reduced accordingly by $1.0 million. 3 The supply under the new contract commenced immediately upon signing and is expected to be recognized in revenue within six to nine months. The contract with RNGC remains subject to receipt of a notice to proceed from RNGC and RNGC’s financing approval, which are still expected in late 2021 or early 2022.