TORONTO, March 31, 2015 /CNW/ - EnerDynamic Hybrid Technologies Corp. (TSX-V: EHT) ("EHT" or the "Company") is pleased to announce the filing of its audited consolidated financial statements and related management's discussion and analysis for the year ended November 30, 2014, with Canadian securities regulatory authorities.
Copies of these documents are available electronically at www.sedar.com.
Mr. John Gamble, CEO of the Company, is pleased to announce that 2014 proved to be a milestone year for EHT:
- It was our first full year of operation following the acquisition of production assets of OSM Solarform Corp. which occurred on October 1, 2013.
- EHT listed on the Toronto Venture Exchange on September 11, 2014 via reverse takeover of MCM Capital One Inc. adopting the ticker symbol "EHT.V".
- The Company entered into a contract to purchase one of the largest solar energy rooftop portfolios in North America with a total of approximately 40 Megawatts to be built over the next 2 years. Construction of the first project in the portfolio is anticipated to commence in April 2015.
- The company signed a Memorandum of Understanding to form a joint venture agreement in West Africa with Sopam SA., and to create a joint venture entity Maple Leaf Energy SA.
- EHT's "Power in an Hour" proprietary Wind/Solar Hybrid Solution has reached full commercialization with first final design units in production during March 2015.
Mr. Gamble commented that "we have laid the groundwork in 2014 for the years ahead. We have several RFPs and a strong order book with the projects in Ontario which provide several options for financial return. Although Africa has taken longer to establish, EHT management believes that a strong early mover advantage in West Africa will prove beneficial in this very robust market in the coming months and years. The solar panel market is expected to provide greater margins in the next fiscal period as government tariffs are imposed on Asian countries found to be dumping panels into the Canadian market. This has harmed margins in the past year but tariffs should restore the market advantage, along with US dollar export factors, of quality product producers like EHT. We look forward to 2015 and building on this solid foundation."
For the year ending November 30, 2014, the Company's total revenue was $10,673,578 with a gross margin of $1,064,517. Net loss for the year was ($5,071,748) of which $2,254,618 is considered a one-time charge resulting from the cost of the reverse takeover and going public. The Company reported cash raised through financing activities of $10,662,884, operating activities of ($6,824,664) and investing activity of ($511,795). As of year-end, the Company had cash on hand of $3,597,182 and working capital of $4,254,765.
Mr. Gamble further commented that "due principally to one-time charges and one-time non-cash expenses, we are in a loss position, however we plan to return to profitability later this year with the strong foundation we've established."
The information in this news release, including any anticipated use of proceeds, non-dilutive finance opportunities and guidance commentary, includes certain information and statements that constitute forward-looking information. These forward-looking statements are based upon assumptions, principally EHT's ability to successfully incur the Canadian renewable and conservation expenses, and such assumptions are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may vary materially from those anticipated and indicated by these forward-looking statements. Although EHT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, EHT disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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.
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 leading world class 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.
SOURCE Enerdynamic Hybrid Technologies Corp.
For further information: John Gamble, Director, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com; Stephanie Thompson, Administrative Assistant, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com