Day4 Energy Completes Sale Of Day4 ecoTec


Day4 Energy Inc. says it has completed its previously announced sale of its subsidiary Day4 ecoTec GmbH. The sale was completed on March 31 to a company controlled by an unnamed director of Day4.

Under the terms of the transaction, the acquirer will receive 100% of issued and outstanding shares of Day4 ecoTec from Day4. The sale is expected to significantly reduce Day4's monthly operating costs as well as its long- and short-term debt, the company says. As a result of the transaction, Day4's staff will be reduced from 132 employees to 50 employees.

In connection with the sale, certain long-term relationship agreements and non-competition agreements were terminated. These agreements were initially entered into at the time Day4 acquired Day4 ecoTec.Â

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