BREAZE reduces its shareholding in BREAZE Energy Solutions

The BREAZE Board has sold down its shareholding in BREAZE Energy Solutions to 20%.

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Since its inception BREAZE has been involved in the sale of renewable energy solutions. Together with the changes in regulation, acceptance and normalisation of solar hot water and electricity in the community, and the administration costs involved, your Board undertook a very thorough review of the need to be the sole shareholder in BREAZE Enterprises Pty Ltd, trading as BREAZE Energy Solutions, earlier this year.

The outcome of this review was that it would be in the best interest of both organisations for BREAZE Inc. to reduced its shareholding to 20%.

The major benefits of this reduced shareholding to BREAZE Inc. is that the compliance requirements for Consumer Affairs Victoria (CAV), Australian Charites and Not-for-profit Commission (ACNC) and the Register of Environmental Organisations (Commonwealth Department of Environment) will be significantly reduced, and so a saving in audit costs for BREAZE Inc.

The major benefit to BREAZE Energy Solutions is that it no longer comes under the jurisdiction of CAV, ACNC and the Register of Environmental Organisations. The removal of this requirement will remove the audit costs for BREAZE Energy Solutions, freeing up cash flow to allow BREAZE Energy Solutions to advance the installation of emission reducing technology in the Ballarat region.

Your Board took professional advice on the value of the shares in BREAZE Energy Solutions and sold them to Mr Simon Reid, Managing Director of BREAZE Energy Solutions, at the agreed market price.

The Board would like to thank all those involved in BREAZE Energy Solutions over the years and we are looking forward to a mutually beneficial relastionship in the future.

If you have any questions about this action could you please contact Peter Reid, Treasurer BREAZE Inc., on 0419 427 769