TORONTO, March 17, 2016 /CNW/ - Enerdynamic Hybrid
Technologies Corp. ("EHT" or the "Company")
(TSX-V: EHT) is providing this default status report in
accordance with National Policy 12-203 – Cease Trade Orders for
Continuous Disclosure Defaults ("NP 12-203"). On
October 2, 2015, the Company
announced (the "Default Announcement") that it is not in
compliance with the requirements of Section 4.1 of National
Instrument 51-102 – Continuous Disclosure Obligations with
respect to filing audited annual comparative financial statements
given that the Company's comparative financial statements as at and
for the year ended November 30, 2013,
as included in the November 30, 2014
audited annual financial statements have not been audited (the
"Default").
As a result of the Default, the Ontario Securities Commission
granted (i) a permanent management cease trade order on
October 28, 2015 in respect of the
Company's Chief Executive Officer and Chief Financial Officer at
such time, (ii) a permanent management cease trade order on
November 4, 2015 in respect of the
Company's current Chief Executive Officer, Mr. Roman Eder, and (iii) a permanent management
cease trade on November 16, 2015 in
respect of the Company's interim Chief Financial Officer, Mr.
David Prue (collectively, the
"MCTOs").
The Company is required to provide bi-weekly status reports in
accordance with NP 12-203, until such time that the MCTOs are
revoked or a general cease trade order is issued.
The Company is continuing to work diligently to remedy the
Default and expects the Default to be resolved imminently.
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. 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. In
addition to traditional support to established electrical networks,
EHT excels where no electrical grid exists. Through its recent
acquisitions and new product developments, the organization now
supplies advanced material solutions for various industries in
combination with energy saving and energy generation
solutions.EHT's core expertise lies in the development of
innovative composite material systems with a full integration of
smart energy solutions, which are processed through the use of
EHT's proprietary production technologies into attractive
applications- primarily modular homes, cold storage facilities,
modular hospitals, schools, hotels and residential and commercial
buildings.
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
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 Corp.