Market Release

For Immediate Release

Wellington provides short term funding update

16 September 2019

Wellington Drive Technologies Ltd is pleased to advise that the company has negotiated a variation to the loan provided by Onimeg Investments Limited. The company will repay $1.5m on 17 September 2019, the due date. Onimeg Investments has agreed to a short-term extension of the repayment date for the $1.0m balance of the original $2.5m loan to 31 March 2020. This extension provides flexibility over the next 6 months as the company continues to explore growth options. The interest rate for the loan after the payment on 17 September 2019 will be 13.5%.

About Us:

Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, energy-efficient electronic motors and connected refrigeration control solutions. It serves some of the world’s leading food and beverage brands and refrigerator manufacturers, and offers proximity-based marketing for Smart Cities to the Australian market. Wellington’s services and products improve sales, decrease costs and reduce energy consumption. Headquartered in Auckland with a global reach, Wellington is listed on the New Zealand stock exchange under the ticker symbol NZ:WDT

For further information visit www.wdtl.com


Contact:

Greg Allen
Chief Executive Officer
Phone +1-778-238-6494

Howard Milliner
Chief Financial Officer
+64 27 5870455