Spectaire Announces Manufacturing Financing Agreement to Enable Mass Production
Viva Capital to Provide Purchase Order and Factoring Financing to Accelerate Growth into Road Freight Market
WATERTOWN, Mass., Dec. 12, 2023 (GLOBE NEWSWIRE) -- 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.
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.
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.
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
1 Iea Report: The Future of Trucks, 2017.