Sparq signs supply deal with Tumi Clean Technologies

Dr. Praveen Jain reports SPARQ ANNOUNCES ENTRY INTO AFRICAN MICROINVERTER MARKET Sparq Systems Inc. has entered into a manufacturer authorization and supply agreement with Tumi Clean Technologies Ltd. and Rolaz Green Energy Pvt. Ltd., an existing importation and distribution partner of Sparq. Under the terms of the agreement, Tumi has agreed to purchase Sparq microinverters and related products for subsequent distribution and sale in Ghana, West Africa and such other markets in the sub-Saharan African region as the parties may agree following a six-month pilot to validate market readiness. The agreement provides a non-binding framework around which Tumi may, if it meets certain minimum level of product orders to be determined by the parties, be provided an exclusive right of distribution and/or installation of the Sparq products within the sub-Saharan Africa region. The agreement also provides a non-binding framework to provide Tumi with an exclusive licence for the assembly of Sparq products in Ghana, with the intent to sell and distribute such products across the sub-Saharan African region from an assembly unit established by Tumi. Dr. Praveen Jain, chief executive officer of the company, commented: "This is a very positive step forward for the company to bring its innovative products to the African market. Tumi has a number of projects in the works where our Quad microinverters products can be immediately applied." "Our collaboration with Sparq Systems marks a major step in expanding access to clean-energy technologies across Africa. Through Tumi Clean Technologies, we aim to lead the distribution of advanced solar and inverter systems across Ghana and West Africa while laying the groundwork for localized assembly and manufacturing. By leveraging the AfCFTA framework, Tumi expects to scale this partnership continent-wide, strengthening supply chains, transferring technology and promoting African-made clean-energy solutions. This is how we turn partnership into progress: powering Africa's sustainable future from within," commented Kwaku Osei-Sarpong, founder, executive vice-president and chief executive officer of CIPA Holdings Group. The agreement shall have an initial term of one year, unless terminated earlier in accordance with its terms, and shall automatically renew for an additional 30 days upon the expiry of the initial term, during which time the parties may agree to extend the agreement or enter into a new agreement. About Sparq Systems Inc. Sparq designs and manufactures next-generation single-phase microinverters for residential and commercial solar electric applications. Sparq has developed a proprietary PV (photovoltaic) solution called the Quad; the Quad inverter optimizes four PV modules with a single microinverter, simplifying design and installation and lowering cost for solar power installations when compared with existing market offerings. Sparq's head office is located at 945 Princess St., Kingston, Ont., K7L 0E9. We seek Safe Harbor.