ORIGINAL: EnerDynamic Hybrid Technologies Updates Ghana Project With Unified Construction
2019-12-06 08:20 ET - News Release
NIAGARA FALLS, ON / ACCESSWIRE / December 6, 2019 /EnerDynamic Hybrid Technologies Corp. (TSXV:EHT) ("EHT") is pleased to provide an update on its project (collectively the ("JV") with joint venture partner Unified Construction and Investments ("UCI") in Ghana, previously updated on April 22, May 21, and October 29, 2019.
It has been brought to our attention that certain websites have been posting false information about this joint venture. We would like to set the record straight once and for all. Please see link below to the contract signed by UCI and the Government of Ghana. Part two of the link will show the agreement between EHT and UCI.
Please see attached link: Contract (Part 1) Agreement (Part 2)
EHT prides itself on bringing its shareholders timely updates on the status of its projects as they progress and providing information with prompt timing to the best of its knowledge and if that changes updating the market appropriately.
The JV, involving the construction of up to 100,000 ENERTEC homes, has completed the site surveying following the transfer to it of ownership title to the full 2,000 acres of planned sites (announced April 9, 2019) in order to underpin the funding for Phase1 and future phases. That step provides security for the JV during the build period as the project moves forward. The JV is pleased to report that the site plan is now complete and has been approved by the Government of Ghana.
With the site plan complete, the Government of Ghana has finalized the contract to build the first 10,000 units. The JV has now sourced financing to start the first 500 unit homes on the site. Construction of the first units will begin in late January 2020. Once complete (in approximately 90 days as the first units will take longer), the JV will start the second tranche of 500 units which are slated to take 60 days or less.
The JV project, involving the construction of ENERTEC housing units, is planned to include 60,000 2-bedroom units and 40,000 3-bedroom units. A 2-bedroom unit will sell for US$33,600 and a 3-bedroom for US$42,000. The EHT/UCI JV currently estimates a net margin of 7.5%-12% (approx. US$2,520-$4,032 per each 2-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 oversees these priority governmental infrastructure projects.
John Gamble, CEO of EHT, commented that "I am very concerned about negative comments being posted on chat sites that are totally false. We have worked tirelessly on this project with our JV partner to make this project happen and it will. Having people post that the company would put out information that is false will not be taken lightly by the company and we will consider taking appropriate action, including vigorously pursuing necessary legal means, against the perpetrator individuals and organizations."
About EnerDynamic Hybrid Technologies
EHT delivers proprietary, turn-key energy solutions which are intelligent, bankable and sustainable. EHT's expertise includes the development of its ENERTEC module structures with full integration of smart energy solutions. Using a proprietary skin and foam core that is stronger than traditional wood or steel structural insulated panels, EHT provides exceptional thermal energy efficiency in modular homes, cold storage facilities, residential/commercial out buildings and emergency/temporary shelters. EHT works with its partners worldwide to erect the buildings on-site utilizing EHT staff and local crews. In addition to traditional support to established electrical networks, ENERTEC buildings excel where no electrical grid exists.