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Niagara Falls, Ontario–(Newsfile Corp. – November 26, 2018) – EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) (“EHT“), is pleased to provide an update on its ongoing settlement activities with all the various holders (the “Debentureholders“) of its Series 2-1 (18%) debentures (the “Debentures“), including Messrs. Donald K. Johnson and Wilmot L. Matthews (“J&M“) (see October 4, 2017 & November 6, 2017 press releases posted on SEDAR). The purposes of the debt settlement agreements that EHT entered into with the Debentureholders (the “DSAs“) were (1) to settle Debenture interest and principal obligations on various terms, including the reduction of the applicable interest rate to a more reasonable one (8%) for EHT to handle, and (2) for conversion of portions of the Debentures into securities of EHT.
It has come to EHT’s attention that J&M filed late on November 23, 2018 amended early warning reports on SEDAR, thereby claiming that EHT has not completed the agreed-upon settlements covering the $2,000,000 aggregate principal amount of the Debentures that J&M currently hold (the “Settlement“) pursuant to the DSAs entered into earlier this year between J&M and EHT. EHT does not understand J&M’s actions in filing such reports, as (1) EHT is still in the process of completing the Settlement, and (2) J&M’s actions are inconsistent with the DSAs being legally-binding contracts enforceable against all parties thereto. No other Debentureholder has sought to not complete or unwind any of their settlement arrangements with EHT. EHT’s position is that the numbers of EHT securities held by J&M, as set out in their early warning reports filed on May 14, 2018, remain accurate.
John Gamble, CEO of EHT, commented that: “It’s unfortunate that the Settlement hasn’t yet materialized to the same degree economically as Messrs. Johnson & Matthews initially thought it would but it doesn’t give them the unilateral right to try to back out of their binding legal commitments in the DSAs by returning (the DSAs do not expressly provide for J&M to be able to do so) certificates for EHT securities that now legally belong to them as a result of what they previously agreed to in the DSAs and the performance under those contracts thus far by all parties thereto.” Mr. Gamble further remarked that, “Despite the recent precipitous actions by Messrs. Johnson & Matthews, we are pleased to see that they both remain valued stakeholders (EHT shares, warrants & debentures) of our company and I and other EHT Management members and our board of directors will endeavour to work with these gentlemen going forward to continue to enhance the value of their stakeholdings and amicably resolve whatever disputes exist with them concerning their EHT securities.”
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.
About ENERTEC
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
John Gamble
CEO & Director
(289) 488-1699
[email protected]
[email protected]
Website: www.ehthybrid.com
Read more at http://www.stockhouse.com/news/press-releases/2018/11/26/enerdynamic-hybrid-technologies-provides-update-on-debenture-settlements#hDfE08XUMda6hYsg.99
