Spectaire Announces Manufacturing Financing Agreement to Enable Mass Production
12 Diciembre 2023 - 7:00AM
Spectaire Holdings Inc. (NASDAQ: SPEC) (“Spectaire” or the
“Company”), a leader in air quality monitoring and emissions
reduction technology, today announced further details of its
balance sheet-light business model in form of manufacturing
financing agreements with Viva Capital Funding, LLC (“Viva”).
The agreement with Viva allows Spectaire to
dramatically lower the working capital needs in the production of
AireCore™ units to reach this market. The Company believes
this capital-efficient financing structure, together with the
outsourcing of manufacturing of AireCore™ units to Columbia
Tech, a subsidiary of Coghlin Companies, creates an asset-light
production model that will enable Spectaire to achieve positive
free cash flow in a shorter time frame.
"Now that we have commenced shipping
AireCore™ – priced at $2000 per unit with $1000 per unit
annual recurring revenue – to our first customers, I am excited to
announce our agreement with Viva, the final missing piece of our
asset-light business model," said Leonardo Fernandes Chief
Financial Officer of Spectaire. "Taken together with the
manufacturing agreement with Coghlin, it enables us to scale our
operations in a capital-light manner and keep our team focused on
the vast commercial opportunities ahead."
Brian Semkiw, CEO of Spectaire,
added: “One day, I expect AireCore™ to be as prevalent as the
catalytic converter, as the number of global road freight vehicles
is projected to grow to 333 million by 20501 from nearly 200
million in 2023. We now have a capital partner that will allow us
ramp up our mass manufacturing capability, largely removing the
capital constraints associated with this growth.”
"We are proud to support Spectaire's growth and
innovation with our flexible financing options," stated
Sarah Williams, VP of Sales for Viva Capital. "We
believe in their vision and are excited to be a part of their
success story."
For more information, please visit the Company’s
investor relations website at ir.spectaire.com.
About Spectaire
Spectaire (Nasdaq: SPEC) is at the forefront of
air quality monitoring and emissions reduction technology.
Spectaire provides innovative solutions that foster environmental
sustainability and corporate responsibility.
About Viva
Founded in 1999, Viva helps B2B businesses of
all types accelerate cash flow through specialized funding
solutions like factoring, accounts receivable financing, and
asset-based lending. Their simple qualification process makes it
easy for small and mid-sized companies to get vital funding despite
lack of credit or time in business. Additional information is
available at VivaCF.net.
Forward-Looking Statements
This release contains certain forward-looking
statements within the meaning of the federal securities laws. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“would,” “will continue,” “will likely result” and similar
expressions.
The forward-looking statements are based on the
current expectations of the management of Spectaire and are
inherently subject to uncertainties and changes in circumstances
and their potential effects and speak only as of the date of such
statement. There can be no assurance that future developments will
be those that have been anticipated. Forward-looking statements
reflect material expectations and assumptions, including, without
limitation, expectations, and assumptions. Such expectations and
assumptions are inherently subject to uncertainties and
contingencies regarding future events and, as such, are subject to
change. Forward-looking statements involve a number of risks,
uncertainties or other factors that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those discussed and
identified in public filings made by Spectaire with the U.S.
Securities and Exchange Commission (the “SEC”) and the following:
Spectaire’s ability to operate as a going concern; Spectaire’s
requirement of significant additional capital; Spectaire’s limited
operating history; Spectaire’s history of losses; Spectaire’s
ability to attract qualified management; Spectaire’s ability to
adapt to rapid and significant technological change and respond to
introductions of new products in order to remain competitive; the
loss of, or nonperformance by, one or more significant customers;
disruptions of Spectaire’s manufacturing operation; changes in
governmental regulations reducing demand for Spectaire’s products
or increasing Spectaire’s expenses; the effects of global health
crises on Spectaire’s business plans, financial condition and
liquidity; changes or disruptions in the securities markets;
legislative, political or economic developments; Spectaire’s
failure to obtain any necessary permits or comply with laws and
regulations and other regulatory requirements; accidents, equipment
breakdowns, labor disputes or other unanticipated difficulties or
interruptions; potential cost overruns or unanticipated expenses in
development programs; potential legal proceedings; and Spectaire’s
failure to obtain or maintain insurance covering all of Spectaire’s
operations.
Should one or more of these risks or
uncertainties materialize or should any of the assumptions made by
the management of Spectaire prove incorrect, actual results may
vary in material respects from those projected in these
forward-looking statements.
All subsequent written and oral forward-looking
statements concerning matters addressed herein and attributable to
Spectaire or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements contained
or referred to herein. Except to the extent required by applicable
law or regulation, Spectaire undertakes no obligation to update
these forward-looking statements to reflect events or circumstances
after the date hereof to reflect the occurrence of unanticipated
events.
Press Contact: Chris Grossman,
CGrossman@Spectaire.com
Website: Spectaire.com
__________________________________1 Iea Report: The Future of
Trucks, 2017.
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