EnerDynamic Hybrid Technologies Provides Corporate Update for 2017
Toronto, Ontario--(Newsfile Corp. - February 13, 2017) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") today is pleased to provide a corporate update on its various initiatives that are in progress as part of its continuous disclosure program.
On February 17, 2016 and August 12, 2016, the Company announced an agreement to sell its interest in Reliant First Nation Limited Partnership including its portfolio of contracts to install solar systems on school roofs collectively known as the "Peel District School Board" projects. The agreement called for the purchase of the contracts with financial settlement expected in the fourth quarter of 2017. To date this transaction remains on schedule with the purchaser continuing to complete projects as anticipated.
On September 29, 2016, the company announced an agreement with Powerstream, one of Ontario's largest electricity distributor, to install and test EHT's new solar carport product designed to support electric car requirements. The trial was completed with further discussions planned for April 2017 related to potential projects expected to start in late spring and early summer 2017. Updates will be provided as events warrant.
Domestic Medical Marijuana Market
On December 15, 2016, the Company announced that it would be targeting the medical marijuana production market with its ENERTEC wall and roof system products.
On February 6, 2017, the Company announce that it had signed a Letter of Intent with Georgian Bay BioMed ("GBB") to supply EHT's ENERTEC Modular Wall and Roof System to GBB's planned sophisticated medical marijuana growing facility. GBB is in the process of constructing a 120,000-square foot purpose-built, pharmaceutical-grade marijuana production facility in Collingwood, Ontario. Since that date EHT Management has continued to advance the project and will provide financial terms related to the transaction with GBB in a future news release and update as events warrant.
Ghana, West Africa
On August 31, 2016, the Company announced it had secured its first material West African sale of its advanced solar microgrid system to a Ghana customer. On December 7, 2016, the Company announced the completion of the installation of that system. The customer is pleased with the system's performance and the significant cost savings associated with the system.
As a result of the installation of that microgrid system, on February 2, 2017 the Company announced a Memorandum of Understanding to enter a Joint Venture with Tri-Dovehall Ghana Limited, a member of the Westgas group (www.westgasgroup.com). With its related companies, Westgas has become recognized as one of the leading international design and construction contractors in the West African Sub-Region including Ghana. As of the date of this release Management continues to move forward with its due diligence on this sizable opportunity in West Africa.
Ivory Coast, West Africa
On October 21, 2016, the Company announced that it would build and ship two advanced ENERTEC housing units to Ivory Coast, West Africa to serve as demonstration units in an effort to secure contracts with the government of Ivory Coast for up to 50,000 ENERTEC homes.
On January 30, 2017, the Company announced that it had completed the previously announced installation of the two advanced ENERTEC homes in Ivory Coast. Updates on the progress of this opportunity will be provided as events warrant as Company management is currently pursuing the advancement of this project.
On December 22, 2016, the Company announced it had entered a letter of intent to acquire EEB System LLC, the modular housing division of US government contractor Technology and Supply Management LLC. As of the date of this release Management continues with its due diligence and expects to receive requested data from EEB over the next several weeks.
On June 17, 2016, the Company announced it had cancelled the previously announced transaction to acquire Evia Finance SARL and would pursue repayment of the advances made to Evia. As legal action may be necessary to recover the deposits totalling approximately $9 million, management and the Audit Committee have recommended that a write-down of this asset be taken in conjunction with the production of annual financial statements. The uncertainty of any legal action mandates recognizing an impairment of that asset.
Mr. John Gamble, CEO/Director of EHT commented that, "With so many business activities underway, keeping the marketplace updated is a critical responsibility. We felt that a detailed corporate update was the most beneficial way to provide an update to the market and for the benefit of our shareholders."
The EHT advanced ENERTEC Modular Wall and Roof System uses a proprietary skin and foam core that is stronger and more energy efficient than traditional wood or steel structures providing the highest ratings for energy efficiency. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. After installation, each structure can be furnished and finished to meet the customer's requirements including siding, tile, kitchens and bathrooms or segregated commercial rooms. The finished wall product can be shipped on pallets and delivered via rail, truck or water in standard formats.
At the core of the ENERTEC product line is the ENERTEC Embedded Solar Roof Module. Solar cells can be embedded in a proprietary fire proof skin resulting in substantial cost savings by eliminating heavy glass panels and aluminum racking required for traditional solar panels. Two barriers to greater adoption of solar energy are weight limitations of the roof on which solar panels could be deployed and onerous shipping and labour costs. A lighter product at a better price point will open a larger market for solar due to the faster return of capital investment especially for rural and remote users looking to go off-grid. Furthermore, the entire EHT embedded solar roof becomes a massive solar panel capable of producing significantly more energy than the home requires, allowing the structure to then become an important source of power for the local micro grid or large battery storage systems.
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. The organization supplies advanced solutions for various industries in combination with energy saving and energy generation solutions. EHT's expertise includes the development of module structures with full integration of smart energy solutions. These are processed through EHT's production technologies into attractive applications: modular homes, cold storage facilities, schools, residential and commercial out buildings and emergency/temporary shelters.
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 relating to Domestic activities, Medical Marijuana opportunities, Africa opportunities, International opportunities and recovering deposits with legal action (the "Opportunities") involves risk, uncertainties and other factors that could cause actual events, results, performance, prospects, for the 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 on the Opportunities outlined 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. EHT disclaims any intention or obligation to update or revise any forward-looking information, whether a result of new information, future events or otherwise, other than as required by applicable securities laws.
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