NR: EHT Provides Update Niagara Falls, Ontario--(Newsfile Corp. - October 31, 2018) - EnerDynamic Hybrid Technologies Corp. (TSXV: EHT) ("EHT") is pleased to provide an update, as part of it continuous disclosure program, on several initiatives and in support of the quarterly reporting filed on SEDAR October 30, 2018.
Significantly, the Company has relocated from Welland to Niagara Falls as of this month. This was a company wide effort which resulted in the shutdown of production during the last quarter, specifically the month of August and continued through September as expected.
Financially, the Company has made material strides as evidenced in the quarter ended August 31, 2018 financial statements and MD&A. In the current nine-month period, accounts payable and accrued liabilities have decreased by $6,655,027, debentures payable has decreased by $3,100,000, other liabilities have decreased by $2,339,439 and debenture interest payable have decreased by $2,323,979. Overall, this represents a $14,418,445 decrease (>36%) in current liabilities.
A complete review of the financial statements, accompanying notes and management discussion and analysis is recommended.
As previously announced, the Company now has access to credit up to $2,500,000 to support raw material purchases. Management plans to accelerate production volumes now that the new operational facility allows for more efficient production.
Corporate Update by Region
The Company has made progress in bringing the ENERTEC products into new markets:
West Africa
- Burkina Faso government officials issued an open order for ENERTEC houses. EHT can deliver and build as many units as possible. EHT targeting 1,200 units per annum by late 2019.
- Advancement of Ivory Coast government orders following management visit.
- Manufacturing of ENERTEC PWR Wagon continues.
- Potential Ghana order related to Community Based Health Services units has advanced.
United States-Southwestern Region
- Tiny House manufactured and on tour to support joint venture sales in Arizona and California.
- PWR Wagon sample delivered to joint venture partner is in use as part of sales efforts.
- Continued to advance application for exemption from US solar panel tariffs.
United States-Puerto Rico
- Danosa Caribbean Inc. added to Puerto Rico joint venture. Danosa is a 40-year-old commercial roofing product seller with Caribbean wide reach and reputation.
- Planning for ENERTEC manufacturing/assembly in Puerto Rico continues but delayed as market demand has grown further.
- First order shipped to Puerto Rico.
Multi-National
- Completed installation of several ENERTEC systems for First Nations in Canada.
- Continued to refine prototyped custom structures intended to meet the needs of displaced persons under United Nations programs.
- Sourced, planned and commenced move to a new head office and production facility in Niagara Falls, Ontario. Move to be completed in the fourth quarter of the current fiscal year.
John Gamble, CEO of EHT, commented that "Moving the entire organization was a major challenge across the Company but a necessary step that now offers a better work flow, more flexibility in production and a much better work environment for our staff".
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