Toronto, Ontario--(Newsfile Corp. - March 23, 2016) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") 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 disclosed in the Company's news release, dated March 17, 2016, the Company expects that the Default will be resolved imminently.
The Company is pleased to provide a further update on its remedy of the Default. The Company intends to refile its audited annual financial statements as at and for the year ended November 30, 2014 (the "2014 Financial Statements") and its audited annual comparative financial statements as at and for the year ended November 30, 2013. The remedy of the Default will include the refiling of an independent auditor's report issued by Richter LLP with respect to the 2014 Financial Statements.
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.
FOR FURTHER INFORMATION. PLEASE CONTACT:
John GambleDirector
(289) 488-1699
jgamble@ehthybrid.com
Company Website: www.ehthybrid.com
Stephanie Thompson
Administrative Assistant
(289) 488-1699
info@ehthybrid.com
Company Website: www.ehthybrid.com
