TORONTO, Nov. 5, 2015 /CNW/ - Enerdynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) announces that, as a result of review by staff of the Ontario Securities Commission, we are issuing the following news release. The Company wishes to clarify certain disclosure in the Company's news release, disseminated on the 2nd day of September, 2015 (the "News Release").
Revenue for the first half year ended June 30, 2015
The News Release disclosed that the Company's "…revenue for the first half year ended June 30, 2015 (unaudited) was a combined CAD $26.6 million with EBITDA of approximately CAD $7.6 million." The Company wishes to clarify that the News Release was intended to provide readers with an illustration of total revenue generated by the Company, and calculated on a pro forma basis, for the first half year ended June 30, 2015, in the event that the acquisition of EVIA Finance S.A.R.L. ("EVIA") had been completed effective January 1, 2015. The News Release was not intended to convey that the Company's actual revenue for the first half year ended June 30, 2015 was CAD $26.6 million; rather, the Company's intent, in light of the acquisition of EVIA, was to provide guidance to investors as to what the Company's consolidated financial performance would have been for the 6 month period ended June 30, 2015, including EVIA as a subsidiary of the Company for such period.
Use of Non-GAAP Financial Measures
As set out above, the News Release disclosed that the Company's "…revenue for the first half year ended June 30, 2015 (unaudited) was a combined CAD $26.6 million with EBITDA of approximately CAD $7.6 million." Similar to the foregoing clarification regarding the disclosure of the Company's revenue for the first half year ended June 30, 2015, the Company wishes to clarify that EBITDA of approximately CAD $7.6 million was intended to illustrate the Company's EBITDA, calculated on a pro forma basis, in the event that the acquisition of EVIA had been completed effective January 1, 2015. The Company wishes to clarify that EBITDA is a non-GAAP financial measure and, as such, the Company wishes to add the following disclosure to accompany the Company's use of the non-GAAP financial measure in the News Release. The Company defines EBITDA as earnings before interest costs, taxes, depreciation and amortization. EBITDA is a measure used by management and the Company's board of directors to assess performance and in making decisions regarding prospective acquisitions. Generally, a non-GAAP financial measure is a numerical measure of an issuer's historical or future financial performance, financial position or cash flow, which either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with such issuer's GAAP. EBITDA does not have any standardized meaning prescribed by the Company's GAAP and is therefore unlikely to be comparable to similar measures presented by other issuers.
The News Release further disclosed that "In November 2014, the Company provided guidance of $40 million in revenue for the fiscal year 2015 (year-end November 30, 2015). Management believes this guidance remains applicable…" The Company wishes to clarify that the revenue guidance of $40 million represents a pro forma revenue amount assuming that the acquisition of EVIA had been completed effective January 1, 2015. The Company confirms that this pro forma revenue guidance remains applicable based on its anticipated consolidated financial results.
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. Although EHT believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, 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. Many factors could cause EHT's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including the Company's ability to derive anticipated benefits from the acquisition of EVIA, EHT's ability to successfully integrate the operations of EVIA, general economic and market segment conditions, EHT's continued relationships with suppliers and customers, EHT's ability to negotiate favourable terms for contract renewals, competitor activity, product capability and acceptance rates, technology changes, regulatory changes, foreign exchange risk, interest rate risk, and credit risk. 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.
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 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.
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