TORONTO, Oct. 2, 2015 /CNW/ - As a result of review by staff of the Ontario Securities Commission, we are issuing the following news release. Enerdynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) announces that it has determined that it 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"). The Company is currently in the process of engaging an auditor to remedy the Default and it is anticipated that revised annual financial statements with audited comparative balances as at and for the year ended November 30, 2013 will be filed on SEDAR within the next sixty (60) calendar days.
The Company has made an application under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") to the Ontario Securities Commission, as principal regulator for the Company, requesting that a management cease trade order be imposed in respect of the Default rather than a general cease trade order. The issuance of the MCTO generally will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. In the event that the MCTO is granted, it will be in effect until the Default is remedied.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements described above.
The Company has not taken any steps towards any insolvency proceeding and the Company confirms that there is no material information relating to its affairs that has not been generally disclosed.
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 Settlements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. 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 protected], Company Website: www.ehthybrid.com; Stephanie Thompson, Administrative Assistant, (289) 488-1699, [email protected], Company Website: www.ehthybrid.com