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enerdynamic's Ghana JV completes site surveying 2019-05-21 07:40 ET - News Release Mr. John Gamble reports ENERDYNAMIC HYBRID TECHNOLOGIES UPDATES GHANA PROJECT WITH UNIFIED CONSTRUCTION Enerdynamic Hybrid Technologies Corp. has provided an update on its project with joint venture partner Unified Construction and Investments (UCI) in Ghana, previously updated on April 22, 2019. The project, involving the construction of up to 100,000 Enertec homes, has completed the site surveying following the transfer to the joint venture of ownership title to the full 2,000 acres of planned sites (announced April 9, 2019) in order to underpin the financing for phase 1 and future phases. That step provides security for the joint venture during the build period as the project moves forward. The additional lands provided will help the group to add a stronger partner, which is necessary to secure the financing from Elevate Finance and EDC. UCI is finalizing arrangements with the subcontractors that the company believes will satisfy the EDC credit requirements. With the site surveying complete, the government of Ghana can now finalize the contract to build the first 10,000 units. Anticipated to be completed in the next 30 days, the company would then finalize its financing with EDC and Elevate Finance. Construction of the first units can begin immediately thereafter. The UCI project, being the construction of Enertec housing units, is planned to include 60,000 two-bedroom units and 40,000 three-bedroom units. A two-bedroom unit will sell for $33,600 (U.S.) and a three-bedroom for $42,000 (U.S.). The Enerdynamic/UCI joint venture currently estimates a net margin of 7.5 per cent to 12 per cent (approximately $2,520 (U.S.) to $4,032 (U.S.) per each two-bedroom unit) and will provide future updates as the project progresses. The UCI order is part of the government of Ghana's building of social green housing initiative that is at the forefront in the government's housing program, which oversee these priority governmental infrastructure projects. John Gamble, chief executive officer of the company, commented that, "We have been working with the Ghanaian Ministry of Works and Housing and UCI on this project for some time so are pleased to report this project continues to move forward and will soon start to help the people of Ghana."