Enerdynamic Hybrid Technologies Corp. EDYYF

RE:RE:RE:RE:RE:New reason

[dannyd9]

Hi Wounded..basically EHT raised money in private placements and a bond offering to buy into a partnership oversdeas that was going to allow them to distribute their products and immediately be able to count as revenue the income supposedly being generated by that outfit. Turns out that the previous owners of that outfit were involved in fraudulet activity which wasn't discovered until after eht paid the acquisition cost. They have been suing to recover but the money is gone into some deep dark abyss and even eht admitted that its as good as gone and they have written it off their balance sheet. Management that negotiated that deal is gone but the pain isn't for shareholders as EHT was pretty well forced to change direction with little capital and a lot of debt. Because they were undercapitalized they sold their rooftop assets for just over 6 million and we are supposed to see that money before year end. Lets hope that happens and it would give them about 8 million in cash to work with with about 7.5 million in debt if the debenture swap goes thru as announced. Hope that helps....