Welland, Ontario--(Newsfile Corp. - October 4, 2017) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") is pleased to announce that it has reached agreement with all of its holders of Series 2.1 Debentures that are able to be contacted.
In July of 2015, the Company issued, via multiple tranches, its Series 2.1 Debentures representing a total principal amount of $13,062,000. These debentures carry an annual interest rate of 18% and were due between July 3, 2017 and July 24, 2017.
As a result of negotiations between the Company and the debentureholders, parties representing approximately 89% of the debentures outstanding have agreed to extend the maturity date thereof to July 31, 2018 and to reduce the interest rate to a more reasonable 8% per annum under terms that are being finalized.
Final terms of the extension will be disclosed upon finalization of necessary agreements and any appropriate approvals. The Company will endeavour to complete these agreements by October 31, 2018.
John Gamble, CEO of EHT, commented "reaching agreement with these debentureholders represents a critical step in the advancement of the Company under its new ENERTEC brand strategy. We appreciate and thank our debentureholders for their patience over the last year and showing us their confidence and support by extending their investment."
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.
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. The organization supplies advanced solutions for various industries in combination with energy saving and energy generation solutions. EHT's expertise includes the development of module structures with full integration of smart energy solutions. These are processed through EHT's production technologies into attractive applications: modular homes, cold storage facilities, schools, residential and commercial out buildings and emergency/temporary shelters.
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, including risks related to the completion of all approvals from applicable regulatory authorities. Although EHT believes that the assumptions used in preparing the forward-looking information 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 as a result of new information, future events or otherwise, other than as required by applicable securities laws.
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