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.
For further information: John Gamble, Director, (289) 488-1699, email@example.com, Company Website: www.ehthybrid.com; Stephanie Thompson, Administrative Assistant, (289) 488-1699, firstname.lastname@example.org, Company Website: www.ehthybrid.com