Welland, Ontario - July 13, 2017 (Newsfile Corp.) (Investorideas.com Newswire) EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") today is pleased to provide, as part of its continuous disclosure program, a corporate update on its various initiatives that are in progress.
On February 17, 2016 and August 12, 2016, the Company announced an agreement to sell its interest in Reliant First Nation Limited Partnership including its portfolio of contracts to install solar systems on school roofs collectively known as the "Peel District School Board" projects. The agreement called for the purchase of the contracts with financial settlement expected in the fourth quarter of 2017. To date this transaction remains on schedule with the purchaser continuing to complete projects as anticipated.
On April 10, 2017, the company announced the launch of its ENERTEC PWR Wagon product. The PWR Wagon is a stock trailer customized to provide a remote site power source via its self-contained solar energy system. All sides of the trailer are constructed of EHT's ENERTEC Embedded Solar Panels, feeding into an integrated battery bank. The trailer can provide from 3Kw to 10Kw of power depending on the size of trailer. Designed to allow for construction site charging such as cordless tool battery packs, operation of power washers, fans, work lights and overnight charging of electric lifts, the applications are limited to the imagination of the site crew. The unit is even capable of powering a microwave oven or a 12v cooler. A single PWR Wagon can charge over 1,000 smartphones per day simultaneously when outfitted for emergency services applications.
Management continues to hold discussions with interested distributors within the North American market. Additionally, the Company is currently manufacturing a unit for Groupe Nduom (See Ghana, West Africa below). This PWR Wagon will be utilized as a product sample in support of West African sales. Groupe Nduom is testing what it believes to be a robust market within Ghana, West Africa. Updates will be provided as events warrant.
On February 16, 2017, the Company announced the first installation of its ENERTEC products in a First Nation application. Northern Shield Development Corporation undertook the installation in 12 houses. The internal ENERTEC walls were all installed on schedule however, the installation of the first ENERETC active roof panels suffered delays external to the Company. The ENERTEC roof is currently being installed on a house on Brunswick House First Nation which will complete this contract. This installation continues to support sales efforts to address the needs of the First Nations communities across the country.
Medical Marijuana Market
On December 15, 2016, the Company announced that it would be targeting the medical marijuana production market with its ENERTEC wall and roof system products.
On February 6, 2017, the Company announce that it had signed a Letter of Intent with Georgian Bay BioMed ("GBB") to supply EHT's ENERTEC Modular Wall and Roof System to GBB's planned sophisticated medical marijuana growing facility. GBB is in the process of constructing a 120,000-square foot purpose-built, pharmaceutical-grade marijuana production facility in Collingwood, Ontario.
On June 8, 2017, the Company announced it had secured the contract with GBB for the installation of the ENERTEC modular building system to create internal division within the GBB facility. The contract, expected to generate revenue of up to CA$1,800,000, is scheduled to commence in late calendar 2017 and to be completed in early 2018. A further contract to install a 3 megawatt ground mounted solar system at the GBB facility is expected to be received in the spring of 2018.
Management has continued its push into the medical marijuana market and is presently involved in sales and marketing efforts targeted at identified production projects within this market.
Ghana, West Africa
On April 3, 2017, the Company announced a Memorandum of Understanding ("MOU") to enter a Joint Venture agreement ("JV") with Groupe Nduom Limited ("GN") of Ghana to create a Joint Manufacturing Facility in the city of Accra Ghana, West Africa. On June 6, 2017, the Company announced it had entered a JV agreement with GN.
GN is a Multinational Family Holding Business of Ghanaian and American origin comprised 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. 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.
On June 19, 2017, the Company received an order to supply ENERTEC products to GN Power, a GN subsidiary. GN Power has ordered 100 solar systems, each will be 3 kilowatts in size, as a trial with an interim plan to roll out 10,000 similar systems to GN Power residential customers. GN Power will install these systems on their customer's roof tops and the GN Bank, another core Groupe Nduom subsidiary, will finance the systems. EHT will produce the embedded solar components within its Welland facility while GN completes the final assemble of the ENERTEC panels in Ghana. Revenues from this initial small sample are expected to be approximately US$500,000.
On February 2, 2017, the Company announced a Memorandum of Understanding to enter a Joint Venture with Tri-Dovehall Ghana Limited, a member of the Westgas group (www.westgasgroup.com). Recently EHT received a formal request from the Government of Ghana to provide final details of terms and conditions related to the above project in order to finalizing the transaction in the near term. The contracts are expected to be for the building of up to 2,000 housing units (each unit being a 4-plex) with the Enertec panels. A further 3,000 units of mixed one, two and three-bedroom units for police, security and other government workers are also in the final stages.
Financing for the projects appears to be solidly in place, a challenge facing many potential projects in the African market. These contracts have been delayed through the period of transition to a new national government in Ghana. Updates on the progress of this opportunity will be provided as events warrant.
Ivory Coast, West Africa
On October 21, 2016, the Company announced that it would build and ship two advanced ENERTEC housing units to Ivory Coast, West Africa to serve as demonstration units in an effort to secure contracts with the government of Ivory Coast for up to 50,000 ENERTEC homes. On January 30, 2017, the Company announced that it had completed the previously announced installation of the two advanced ENERTEC homes in Ivory Coast.
Subsequent to the most recent update, the Government of Ivory Coast requested local certifications of the ENERTEC modular buildings in Ivory Coast. This has been a slower than anticipated process but is nearing completion and management anticipates no difficulties in finalizing the certification. Updates on the progress of this opportunity will be provided by the end of August 2017 or as events warrant.
On December 22, 2016, the Company announced it had entered a letter of intent to acquire EEB System LLC, the modular housing division of US government contractor Technology and Supply Management LLC. Having not received the requisite data upon which to evaluate the opportunity, Management has determined that this opportunity will not proceed.
On July 6, 2017, the Company announced it had entered a supply agreement with Marcon International Inc, ("Marcon"), a wholly-owned subsidiary of Augusta Industries Inc. Marcon has a track record of selling quality products into the United States government supply chain and the oil and gas sector thought its presence in Washington D.C. and London, England in addition to its Ontario office.
This supply agreement is intended to complete the requisite certification process necessary to supply to the United States Department of Defense ("DOD") and other government agencies, and to allow Marcon to reach the DOD market with the ENERTEC product line. Marcon is currently completing requests for proposals ("RFP") related to the sale of ENERTEC products within the DOD. The Company is in the process of preparing the data in support for the RFP's as well as advancing the DOD certification process. Management will provide updates as this opportunity progresses.
Mr. John Gamble, CEO of EHT, commented that "with so many business activities underway and evolving, keeping the marketplace updated is a critical responsibility. We felt that a detailed corporate update, as we have provided in the past, was the most beneficial way to provide an update to the market and for the benefit of our shareholders."
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 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:
Company Website: www.ehthybrid.com
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