EnerDynamic Update on the Asset Value of Ghana Joint Venture Property
NIAGARA FALLS, ON / ACCESSWIRE / February 26, 2020 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) (“EHT“) is pleased to provide an important update to shareholders on the valuation of its assets involved in the Dawa Industrial Housing Project in Ghana, in which EHT’s current joint venture with United Construction and Investments (the “UCI-EHT JV“) is a primary participant.
UCI-EHT Ghana Project 100,000 houses at Dawa Industrial Area.
In EHT’s February 19, 2020, news release, we stated that the real property the Government of Ghana granted to the UCI-EHT JV, which is now owned by the JV, has been formally appraised at $64.3M USD ($73.3M CAD). As previously announced, this property will be the underpinning of the security for the construction of the homes to be built by the UCI-EHT JV We want/wish to reiterate that the UCI-EHT JV is 70% owned by EHT, which means that this (real) property is now an asset of the JV company, and therefore, EHT can now show this entire value amount on EHT’s consolidated financial statements going forward. EHT will, through the course of the UCI-EHT JV, reduce the asset value in correlation with sales recorded on the income statement as it builds houses and sells them back to the Government of Ghana, as per EHT’s contract therewith. As sales are recorded by the UCI-EHT JV, EHT will continue to make margin on the sale of the houses themselves, as well as on the materials EHT delivers to the UCI-EHT JV. Through this promising development, EHT has strengthened its balance sheet, while at the same time recorded a significant pipeline of sales, which we look forward to delivering on with our partners in Ghana.
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. EHT’s expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulated panels, EHT provides exceptional thermal energy efficiency in modular homes, cold storage facilities, residential/commercial out buildings and emergency/temporary shelters. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. In addition to traditional support to established electrical networks, ENERTEC buildings excel where no electrical grid exists.
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 fireproof 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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 sales of the products (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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