TORONTO, Nov. 26, 2015
/CNW/ - Enerdynamic Hybrid Technologies Corp. ("EHT" or the
"Company") (TSX-V: EHT) is providing this default
status report in accordance with National Policy 12-203 – Cease
Trade Orders for Continuous Disclosure Defaults ("NP
12-203"). On October 2, 2015, the
Company announced (the "Default Announcement") that it is
not in compliance with the requirements of Section 4.1 of National
Instrument 51-102 – Continuous Disclosure Obligations with
respect to filing audited annual comparative financial statements
given that the Company's comparative financial statements as at and
for the year ended November 30, 2013,
as included in the November 30, 2014
audited annual financial statements have not been audited (the
"Default").
As a result of the Default, the Ontario Securities Commission
granted (i) a permanent management cease trade order on
October 28, 2015 in respect of the
Company's Chief Executive Officer and Chief Financial Officer at
such time, (ii) a permanent management cease trade order on
November 4, 2015 in respect of the
Company's current Chief Executive Officer, Mr. Roman Eder, and (iii) a permanent management
cease trade on November 16, 2015 in
respect of the Company's interim Chief Financial Officer, Mr.
David Prue (collectively, the
"MCTOs").
The Company is required to provide bi-weekly status reports in
accordance with NP 12-203, until such time that the MCTOs are
revoked or a general cease trade order is issued.
The Company is continuing to review its filings related to the
Default with its auditors and is using its best efforts to remedy
the Default as soon as possible.
The Company confirms that, except as otherwise specified herein,
there are no material changes to the information contained in the
Default Announcement. The Company further confirms that there has
been no failure by the Company in fulfilling its stated intentions
with respect to satisfying the provisions of the alternative
information guidelines and that there is no other material
information relating to the status of the Default and its affairs
that has not been generally disclosed.
As previously announced, the Company confirms that it will
continue to satisfy the provisions of the alternative information
guidelines under NP 12-203 for so long as it remains in Default.
During the period of Default, the Company will continue to issue
bi-weekly Default status reports in the form of further press
releases, which will also be filed on SEDAR.
The Company is also pleased to announce that further to press
releases dated August 27, 2015 and
October 7, 2015, the TSX Venture
Exchange (the "TSXV") has accepted for filing the Company's
proposal to issue 2,764,181 shares at deemed values of $0.50 per share and $0.3325 per share to settle outstanding debt for
$1,165,915.
All securities issued in connection with the Debt Settlement
will be subject to a statutory hold period of four months plus a
day from the date of issuance in accordance with applicable
securities legislation.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are
intelligent, bankable and sustainable. Our energy products and
solutions can be implemented immediately wherever they are needed.
EHT stands above its competitors by combining a full suite of solar
PV, wind and battery storage solutions, which can deliver energy 24
hours per day in both small-scale and large-scale format. Through
our 90,000 square foot facility in Ontario, Canada and our growing international
foot-print we are able to manufacture, distribute and install world
leading energy solutions across the globe. EHT excels where no
electrical grid exists in addition to traditional support to
established electrical networks which is the new era in the
renewable industry.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The statements herein that are not historical facts are
forwardlooking statements. Forward-looking information involves
risk, uncertainties and other factors that could cause actual
events, results, performance, prospects, and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this
news release includes statements regarding, among other things, the
remedy of the Default. Although EHT believes that the assumptions
used in preparing the forward-looking information in this news
release are reasonable, including that all necessary regulatory
approvals will be obtained in a timely manner, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. EHT
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
applicable securities laws.
SOURCE Enerdynamic Hybrid Technologies Inc.