TORONTO, Oct. 29, 2015 /CNW/ - Enerdynamic Hybrid Technologies Corp. ("EHT" or the "Company") (TSX-V: EHT) announces that further to its news releases disseminated on October 2, 2015 (the "Default Announcement") and October 15, 2015, the Ontario Securities Commission (the "OSC") has issued a permanent management cease trade order on October 28, 2015 (the "MCTO") for its failure to comply with the requirements of Section 4.1 of National Instrument 51-102 – Continuous Disclosure Obligations with respect to filing audited annual comparative financial statements (the "Default").
As a result of management changes disclosed in the Company's news releases disseminated on October 13, 2015 and October 28, 2015, the Company filed further applications with the OSC for temporary management cease trade orders in respect of the Company's Chief Executive Officer, Mr. Roman Eder, and the Company's interim Chief Financial Officer, Mr. David Prue. The OSC granted a temporary management cease trade order in respect of Mr. Roman Eder on October 22, 2015 (the "Temporary MCTO").
The MCTO and the Temporary MCTO restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer until such time as the Default has been remedied by the Company. Neither the MCTO nor the Temporary MCTO affect the ability of shareholders to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company.
The Company is required to provide bi-weekly status reports in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), until such time that the MCTO and the Temporary MCTO are revoked or a general cease trade order is issued.
The Company is in the process of reviewing its filings related to the Default with its auditors and is using its best efforts to restate and revise its annual financial statements with audited comparative balances as at and for the year ended November 30, 2013, as soon as possible.
The Company confirms that, except as otherwise specified herein, there are no material changes to the information contained in the Default Announcement. The Company further confirms that there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines and that there is no other material information relating to the status of the Default and its affairs that has not been generally disclosed.
As previously announced, the Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 for so long as it remains in Default. During the period of Default, the Company will continue to issue bi-weekly Default status reports in the form of further press releases, which will also be filed on SEDAR.
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 remedy of the Default. 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