09 Feb 2021
|Dear Tantalus Community,|
It’s a fascinating time for Tantalus and our thriving user community of public power and electric cooperative utilities. In conjunction with recently announcing the closing of a Qualifying Transaction with RiseTech Capital Corp, a Capital Pool Company publicly-traded on the TSX Venture Exchange (“TSXV”), I am extremely excited to announce on behalf of our entire organization that Tantalus has joined the TSXV in Canada today, Tuesday, February 9, 2021, and be publicly-traded under the ticker symbol of GRID.
Accessing the public capital markets in Canada marks a significant milestone in Tantalus’ history and is a testament to the dedication and commitment of Tantalus to public power and electric cooperative utilities for the past 30 years. As we pursue this new path, we are reminded of and grateful for the hard work and perseverance of our entire team and the unyielding support of our growing user community – now including over 185 utilities. We remain committed to building purpose-driven solutions that enhance sustainability for utilities and communities across North America and the Caribbean Basin.
Leadership Following the Qualifying Transaction with RiseTech Capital
In conjunction with completing our Qualifying Transaction, our Board of Directors, led by Ms. Laura Formusa as Chair, our entire management team and our legacy shareholders remain in control of the newly-formed public entity. As part of this transaction, Tantalus upsized our concurrent financing and, in the aggregate, raised approximately CN$10 million from new and existing investors to bolster our financial position and strengthen our balance sheet as we look towards the future and continue to grow our company as a valued partner to our user community.
Motivation for Pursuing the Public Markets
As outlined previously to the Tantalus community when we announced the initial Letter of Intent (“LOI”) with RiseTech Capital, our Board of Directors and management team undertook an exercise to plan for the future of Tantalus in conjunction with celebrating our company’s 30th anniversary. As part of that exercise, we evaluated how we could continue to hold true to our mission while expanding our capacity to innovate and serve our growing ranks of customers. We evaluated the changing dynamics and ongoing challenges confronting public power and electric cooperative utilities across North America and sought to accelerate our ability to deliver solutions to this vital segment of the utility industry without losing control of our organization or deviating from our purpose. The evaluation of these topics led us to pursue the transaction with RiseTech.
What Does This Mean for the Tantalus Community?
As outlined in our January 29, 2021 press release Tantalus officially closed the transaction with RiseTech and our concurrent financing, changed the name of RiseTech to Tantalus Systems Holding Inc. and effectively took control of the combined business. The business of RiseTech will be the business of Tantalus. While we will be required to modify certain elements of our administrative and operational systems as a public company, the purpose of Tantalus will not change, nor will our unwavering commitment to the public power and electric cooperative sector. To the contrary, this transaction will allow Tantalus to accelerate our product roadmap, expand our R&D capabilities, establish new strategic partnerships and pursue targeted acquisitions — all of which will only strengthen our ability to deliver purpose-built solutions to meet the specific needs of our user community.
True to our vision of helping build sustainable utilities, our focus moving forward can be summarized in three key words: Purpose, Flexibility and Relationship.
Purpose: Our solutions are co-created with and purpose-built for the unique requirements of the utilities we serve. 100% of our smart grid and AMI solutions are deployed across the public power and electric cooperative utility market.
Flexibility: We offer expandable solutions to help utilities remain in control as their smart grid evolves, leverage existing investments and assets, and accelerate their learning curve in the face of ongoing change – and we respond quickly and decisively to utility requests as new challenges arise.
Relationships: We are committed to long-term relationships and the success of our customers over the long haul. We deliver unparalleled customer service, and ongoing access to experts and senior decision-makers who collaborate with our customers to meet their challenges.
Personally, it is an honor to serve as the President & CEO of Tantalus, particularly in conjunction with witnessing our entire team collectively achieve a remarkable milestone. Tantalus’ commitment to purpose is translating into tangible results, both for ourselves and the amazing group of utilities that comprise our user community.
So, on behalf of the entire Tantalus team, I just want to say thank you for your continued support. We look forward to building a brighter future together.