Toronto, Ontario--(Newsfile Corp. - December 31, 2024) - SPARQ Systems Inc. (TSXV: SPRQ) (OTCQB: SPRQF) ("SPARQ" or the "Company") is pleased to announce it has entered into a letter agreement dated December 20, 2024 (the "Agreement") with Integral Wealth Securities Limited ("Integral") to provide market-making services with the objectives of maintaining a reasonable market and improving the liquidity of the Company's common shares. The Agreement is subject to the prior approval of the TSX Venture Exchange.
The Agreement has an initial term of three (3) months from the date of execution (the "Initial Term") and shall be automatically renewed for subsequent one (1) month terms (each, an "Additional Term") unless the Company provides at least 30 days' written notice of termination prior to the end of the Initial Term or an Additional Term, as applicable. Integral will be paid a monthly fee of C$7,500 (plus HST). There are no performance factors contained in the Agreement and no security-based compensation in connection with the engagement.
Integral and its clients may acquire an interest in the securities of the Company in the future. Integral is an arm's length party to the Company. Integral will be responsible for the costs it incurs in buying and selling the Company's common shares, and no third party will be providing funds or securities for the market making activities.
ABOUT SPARQ
SPARQ designs and manufactures next generation single-phase microinverters for residential and commercial solar electric applications. SPARQ has developed a proprietary PV solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation, and lowering cost for solar power installations when compared to existing market offerings.
SPARQ's head office is located at 945 Princess Street, Kingston, Ontario, K7L 0E9.
ABOUT INTEGRAL
Integral Wealth Securities Limited is a national independent CIRO-licensed investment dealer. Founded in 2003, the firm has established capabilities in market making, wealth management and investment banking. The firm's FINRA-regulated US broker dealer affiliate, Integral Wealth Securities LLC, is engaged in investment banking and private placements.
Cautionary Note
Certain statements contained in this press release constitute "forward-looking statements." All statements other than statements of historical fact contained in this press release, including, without limitation, the terms of the engagement of Integral, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's management's discussion and analysis for the financial year ended December 31, 2023. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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