EnerDynamic Hybrid Technologies Provides Update
Niagara Falls, Ontario–(Newsfile Corp. – October 31, 2018) – EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) (“EHT”) is pleased to provide an update, as part of it continuous disclosure program, on several initiatives and in support of the quarterly reporting filed on SEDAR October 30, 2018.
Significantly, the Company has relocated from Welland to Niagara Falls as of this month. This was a company wide effort which resulted in the shutdown of production during the last quarter, specifically the month of August and continued through September as expected.
Financially, the Company has made material strides as evidenced in the quarter ended August 31, 2018 financial statements and MD&A. In the current nine-month period, accounts payable and accrued liabilities have decreased by $6,655,027, debentures payable has decreased by $3,100,000, other liabilities have decreased by $2,339,439 and debenture interest payable have decreased by $2,323,979. Overall, this represents a $14,418,445 decrease (>36%) in current liabilities.
A complete review of the financial statements, accompanying notes and management discussion and analysis is recommended.
As previously announced, the Company now has access to credit up to $2,500,000 to support raw material purchases. Management plans to accelerate production volumes now that the new operational facility allows for more efficient production.
Corporate Update by Region
The Company has made progress in bringing the ENERTEC products into new markets:
- Burkina Faso government officials issued an open order for ENERTEC houses. EHT can deliver and build as many units as possible. EHT targeting 1,200 units per annum by late 2019.
- Advancement of Ivory Coast government orders following management visit.
- Manufacturing of ENERTEC PWR Wagon continues.
- Potential Ghana order related to Community Based Health Services units has advanced.
United States-Southwestern Region
- Tiny House manufactured and on tour to support joint venture sales in Arizona and California.
- PWR Wagon sample delivered to joint venture partner is in use as part of sales efforts.
- Continued to advance application for exemption from US solar panel tariffs.
United States-Puerto Rico
- Danosa Caribbean Inc. added to Puerto Rico joint venture. Danosa is a 40-year-old commercial roofing product seller with Caribbean wide reach and reputation.
- Planning for ENERTEC manufacturing/assembly in Puerto Rico continues but delayed as market demand has grown further.
- First order shipped to Puerto Rico.
- Completed installation of several ENERTEC systems for First Nations in Canada.
- Continued to refine prototyped custom structures intended to meet the needs of displaced persons under United Nations programs.
- Sourced, planned and commenced move to a new head office and production facility in Niagara Falls, Ontario. Move to be completed in the fourth quarter of the current fiscal year.
John Gamble, CEO of EHT, commented that “Moving the entire organization was a major challenge across the Company but a necessary step that now offers a better work flow, more flexibility in production and a much better work environment for our staff”.
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 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.
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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