Governmental Program to Install 1491 New Classrooms
- Order expected to approach 1491 pre-fabricated units
- Financial Terms: Prepayment
- First order of CDN $4.35 Million just shipped
TORONTO, Aug. 14, 2015 /CNW/- Enerdynamic Hybrid Technologies Corp. (TSX-V: EHT) ("EHT" or the "Company"), has commenced delivery of pre-fabricated school building units to the Ministry of Education of the Burkina Faso government. Located in EHT's target market of West Africa and under a program of Burkina Faso's Ministry of Education, the project references the deliver up to 1491 new Classroom units over the next 12 months. On June 18, 2015 the Cabinet of the government of Burkina Faso approved the program and its total budget of CDN $125 Million. After receipt of a deposit of approx. CDN $4.35M, production was started July 15 and the first units have now been shipped to Burkina Faso. Financial terms of the agreement to purchase the units, to provide new school infrastructure across the country, require prepayment before shipment. The Company is expecting to receive orders for the total 1491 units which would be delivered within the next 6 to 8 Months.
The school buildings are constructed using the recently acquired technology and products of EVIA, a global manufacturer and installer of proprietary modular housing units, container units and truck/trailer units. These school units are optimized for the rough climate demands in the Sub-Saharan region and by combining the composite panel technology of Evia with EHT's unique solar systems and battery technology, the schools will be running entirely off grid.
John Gamble, CEO of EHT said, "This sale represents the commencement of our strategic African plans, bringing EHT technology to the targeted West African market. While we recognize the demand for our green structure solutions are high throughout Africa, we remain tightly focused on funded projects with no risk or low risk financial terms at this time."
The information in this news release, including relating to anticipated future revenues and growth of the Company and the Burkina Faso government program includes certain information and statements that constitute forward-looking information. These forward-looking statements are based upon certain assumptions, including regarding EHT's ability to successfully obtain further purchase orders and deliver the appropriate product. 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. Most 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. EHT excels where no electrical grid exists in addition to traditional support to established electrical networks. Through its acquisition of the EVIA Group, the organization now develops and supplies reinforced plastics solutions. Evia's core expertise lies in the development of innovative composite material systems, which are processed through the use of its proprietary production technology into attractive applications, primarily modular homes, for customers in a wide range of industries.
SOURCE Enerdynamic Hybrid Technologies Inc.
For further information: Mr. John Gamble, CEO/Director, 289-488-1699, [email protected], Company Website: www.ehthybrid.com