TORONTO, Oct. 7, 2015 /CNW/ - EnerDynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) announces a correction to a press release issued on August 27, 2015 (the "Original Press Release"). The Company has filed a revised application to the TSX Venture Exchange (the "TSXV") providing that the agreements to settle obligations (the "Shares for Debt Transactions") owed to certain of its directors and arm's length creditors is in the aggregate amount of $799,950 through the issuance of an aggregate of 1,599,900 common shares of EHT to such persons at a price of $0.50 per common share. The Original Press Release provided that the Shares for Debt Transactions would settle debt in the aggregate amount of $899,950 through the issuance of an aggregate of 1,799,900 common shares. In all other respects, the particulars of the Shares for Debt Transactions set forth in the Original Press Release are reconfirmed.
The Company also announces that it has reached an agreement to settle obligations owed to an arm's length creditor in the aggregate amount of $428,965 through the issuance of 1,290,281 common shares of EHT to such creditor at a price of $0.3325 per common share (the "Debt Settlement"). This Debt Settlement represents satisfaction of debt incurred by the Company to finance general working capital purposes and will allow the Company to preserve its existing cash balances. The Debt Settlement has been included by the Company's in its revised application to the TSX Venture Exchange.
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 law legislation. The Shares for Debt Transactions and the Debt Settlement remain subject to final TSXV approval.
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 forward-looking 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