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Enter Symbol
or Name
USA
CA



Enerdynamic Hybrid Technologies Corp
Symbol EHT
Shares Issued 67,089,446
Close 2015-03-31 C$ 0.18
Market Cap C$ 12,076,100
Recent Sedar Documents

Enerdynamic loses $5.07-million in 2014

2015-03-31 16:47 ET - News Release

Mr. John Gamble reports

EHT ANNOUNCES 2014 FINANCIAL RESULTS

Enerdynamic Hybrid Technologies Corp. has filed its audited consolidated financial statements and related management's discussion and analysis for the year ended Nov. 30, 2014, with Canadian securities regulatory authorities.

Copies of these documents are available electronically at SEDAR.

John Gamble, chief executive officer of the company, is pleased to announce that 2014 proved to be a milestone year for Enerdynamic: It was its first full year of operation following the acquisition of production assets of OSM Solarform Corp., which occurred on Oct. 1, 2013. Enerdynamic listed on the Toronto Venture Exchange on Sept. 11, 2014, by reverse takeover of MCM Capital One Inc. adopting the ticker symbol EHT.V. The company entered into a contract to purchase one of the largest solar energy rooftop portfolios in North America with a total of approximately 40 megawatts to be built over the next two years. Construction of the first project in the portfolio is anticipated to commence in April, 2015. The company signed a memorandum of understanding to form a joint venture agreement in West Africa with Sopam S.A. and to create a joint venture entity Maple Leaf Energy S.A. Enerdynamic's power-in-an-hour proprietary wind/solar hybrid solution has reached full commercialization with first final design units in production during March, 2015.

Mr. Gamble commented: "We have laid the groundwork in 2014 for the years ahead. We have several RFPs and a strong order book with the projects in Ontario, which provide several options for financial return. Although Africa has taken longer to establish, Enerdynamic management believes that a strong early mover advantage in West Africa will prove beneficial in this very robust market in the coming months and years. The solar panel market is expected to provide greater margins in the next fiscal period as government tariffs are imposed on Asian countries found to be dumping panels into the Canadian market. This has harmed margins in the past year, but tariffs should restore the market advantage, along with U.S.-dollar export factors, of quality product producers like Enerdynamic. We look forward to 2015 and building on this solid foundation."

For the year ended Nov. 30, 2014, the company's total revenue was $10,673,578 with a gross margin of $1,064,517. Net loss for the year was ($5,071,748), of which $2,254,618 is considered a one-time charge resulting from the cost of the reverse takeover and going public. The company reported cash raised through financing activities of $10,662,884, operating activities of ($6,824,664) and investing activity of ($511,795). As of year-end, the company had cash on hand of $3,597,182 and working capital of $4,254,765.

Mr. Gamble further commented, "Due principally to one-time charges and one-time non-cash expenses, we are in a loss position; however, we plan to return to profitability later this year with the strong foundation we've established."

We seek Safe Harbor.

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