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.
Revenue Guidance
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.
Forward-Looking Information
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.