TORONTO and DUEREN, Germany, Nov. 8, 2023 /CNW/ - GBLT Corp (TSXV : GBLT) ("GBLT" or the company) announces that it has entered into an agreement to sell its 50% plus 1 interest in Gebäude Technologie Center GmbH, Langenfeld (GeTec) at the original acquisition cost of €25,001.
Exiting the solar construction sector, will allow GBLT to focus on its core business units. GBLT will maintain its ties to the solar market by leveraging its strengths in procurement and logistics, rather than construction.
"Our connection to the solar industry will remain, and we will continue to provide product procurement and logistics for GeTec. The areas of construction, installation and craftsmanship had diverted us from our core competence. In order to better participate in the growing solar market and to better utilize our strengths, we feel it's best for the company to divest from that sector," said Dr. Thilo Senst, CEO of GBLT. "We will not only continue to act as a product supplier for GeTec, but will also continue to expand our purchasing expertise in the solar sector and make it available to other companies".
About GBLT:
GBLT Corp., through its operating company, GBT GmbH, designs, manufactures and supplies mobile storage, and battery solutions. GBLT is also a leading provider of renewable energy solutions via its solar division, participating in the rapidly growing solar energy market. In addition, the Company offers consumer healthcare and wellness products to some of the largest retail chains across the globe. GBT is also an official licensee for AGFAPHOTO mobile energy products. The Company's branded healthcare and wellbeing products are primarily sold throughout Europe under Dr. Senst brand.
For more information, please visit www.gbt-international.com and www.gbltcorp.com.
Forward-Looking Information
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement, the Company's ability to achieve sales, commercial or otherwise, from its products, and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE GBLT Corp.
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