EHT Provides Corporate Update
NIAGARA FALLS, ON / ACCESSWIRE / July 30, 2021 / EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) ("EHT" or the "Company"), a leader in renewable energy technologies, is pleased to provide an update on its pending acquisition of Windular Research and Technologies ("Windular") in conjunction with the completion of the share consolidation; debt conversion and financing, each as further described below.
EHT has closed in escrow (conditional on TSX approval) the current private placement financing with an aggregate of $3,566,299 in units subscribed for by both new and current investors. The amount currently raised is more than sufficient to commence EHT's projects that are shovel ready, with less dilution to shareholders. The Company will work with its financial advisors to accommodate additional retail investors in any future financings, when needed, who were eager to participate but unable to due to strict private placement financing rules.
EHT has settled with the majority of its outstanding debenture-holders, with over $14,228,110 of the principal amount of debt owing to come off the Company's balance sheet. EHT will continue to work with a few remaining debenture-holders to settle their amounts owing over the next few months. These settlement discussions will not impact the acquisition of Windular and the Company's operational activities. EHT is pleased to have been able to significantly clean-up its balance sheet as part of this set of transactions.
EHT is pleased to announce that the Company has conditionally closed the pending acquisition of Windular, and that transaction will be completed as soon as EHT receives TSX approval to do so. The Company will provide a detailed corporate update upon completion of the acquisition. The combination of EHT and Windular creates a diversified solar and wind powerhouse with a strong multi-channel sales and distribution network positioned for growth in the global residential, agriculture and telecommunications markets.
John Gamble, CEO of EHT, commented: "This has been a long and arduous process for the companies and our valued investors new and old. We had a very good company before but now we have one of the leading renewable companies in the world with the addition of Windular. We have lots of exciting projects on the horizon and look forward to updating the market on a regular basis as customer orders are received."
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.
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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SOURCE: EnerDynamic Hybrid Technologies Corp.