NR: EHT Updates Ivory Coast Housing Order Toronto, Ontario--(Newsfile Corp. - March 15, 2018) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT" or the "Company") today is pleased to provide an update to its October 17, 2017 announcement on its progress in Ivory Coast, West Africa.
On September 20, 2017 the Company announced that it had received certification of its ENERTEC product, confirming its approval for use in Ivory Coast. That approval was specific to the ENERTEC products made in the Company's Canadian facilities using local Expanded Polystyrene ("EPS"). In an effort to increase profitability, the Company initiated the same approvals for ENERTEC products produced using EPS manufactured by Groupe Ndoum, EHT's joint-venture partner in Ghana, West Africa. Having now received such approvals, EHT will not need to ship EPS from Canada representing a substantial cost savings in shipping.
Mr. John Gamble, EHT's CEO, commented that "Management has worked relentlessly towards finalizing this portion of the Ivory Coast housing contract including completing this further but strategic testing and certification. I am certainly very pleased that we can move forward in Ivory Coast utilizing the full breath of our regional joint venture partner".
EHT has received the first order from The Foundation General Akissi on behalf of the Ivory Coast government to build 4,000 houses, which represent the first tranche of Phase 1 of the agreement. This order can now proceed following completion of this expanded EHT initiated approval.
The first 4,000 houses are 2 and 3-bedroom models that will cost the customer approximately US $30,000-$35,000 each. All the houses will be fully financed and will require the requisite down payment prior to commencing production as is consistent with Company policy. EHT will build these units with its affiliate partner Maple Leaf Holdings SA. ("MLH") in which EHT is a shareholder.
The first tranche of 4,000 houses, which is part of the 10,000 houses previously announced, will be built over the next 3 years commencing in the coming months. The Company's production process is intended to commence building 50 houses per month for the first 3 months, increasing to 100 for the next 3 months and finally 200 houses per month thereafter until the first tranche is completed. Once complete, the Company will build the balance of 6,000 houses to complete the Phase 1. Ultimately the Foundation General Akissi has a mandate to build 50,000 houses for the military families and therefore, EHT and MLH will expand production to satisfy the total requirement over the coming years.
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