- JV Corporation finalized
- JV issues PO for balance of 2018
Toronto, Ontario--(Newsfile Corp. - April 3, 2018) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT") is pleased to announce that, further to its news release of February 15, 2018, the Joint Venture ("JV") with Groupe Nduom ("GN") has now finalized its JV corporation in Ghana under the name "Canada Ghana Renewable Building Products Ltd. (CGRBP)".
CGRBP will be owned 50% by EHT and 50% by GN. EHT has now received POs from CGRBP for inventory and production valued at over 9,000,000USD for the balance of 2018. EHT working with Export Development Canada (EDC) will now be able to facilitate these orders and EHT will receive up to 100% of the value from EDC. This will give EHT the liquidity to move these orders ahead.
Mr. John Gamble, EHT's CEO, commented that "This is a huge step forward for us. Finalizing the JV entity was the last piece we needed to complete our deal with GN. We now are full steam ahead in the Ghana marketplace that is growing at an 8% GDP rate."
In addition, EHT completed a private placement on February 21, 2018 that was conditionally accepted by the TSX Venture Exchange on February 21, 2018. The Company has raised $316,666.64 of gross proceeds from the sale of units (each a "Unit" and collectively, the "Units") at a price of $0.095 each (the "Offering"), on a non-brokered private placement basis.
Each Unit consisted of one (1) common share (a "Common Share") in the capital of the Company and one (1) share purchase warrant of the Company (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $0.15 per common share at any time prior to 5:00 p.m. (Eastern Standard Time) on the date that is 24 months following the closing date of the Offering.
Proceeds from the private placement will be used for general working capital purposes.
Pursuant to applicable securities laws, all securities issued under the Offering are subject to a four month and a day hold period from the date of issuance. The Offering is subject to the final approval of the TSX Venture Exchange.
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.
Following completion of the Offering, there were 168,495,597 issued and outstanding common shares of EHT.
About Groupe Nduom: A Broad based Multinational Business Group
Groupe Nduom is a Multinational Family Holding Business of Ghanaian and American origin comprising of over 60 independent companies across several industries. The Group operates its diverse portfolio of business across three continents with a purpose to serve customers with enthusiasm, innovation and discipline.
Our businesses and social enterprises include entities in the Tourism, Investment Advisory and Management, Financial Services, Technology, Media, Management Consulting, Cross Border Trade and Sports industries. Groupe Nduom's Managers are identifying growth opportunities within rapidly expanding West African countries and plan to leverage that growth throughout the African Diaspora world-wide over the long term.
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 are 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 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. 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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