NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES
TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Mr. Wilmot L. Matthews (“Mr. Matthews”) announced that on May 3, 2018, pursuant to a debt settlement agreement between Enerdynamic Hybrid Technologies Corp. (“EHT”) and Mr. Matthews, $300,000 principal amount of an 18% secured debenture of EHT due July 3, 2017 was settled by the issuance to Mr. Matthews of 3,000,000 units (“Units”) at a deemed price of $0.10 per Unit. Each Unit is comprised of 3,000,000 common shares and 1,500,000 common share purchase warrants of EHT (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of EHT at an exercise price of $0.15 per common share for a period of five years.
Immediately prior to the transaction described herein, Mr. Matthews beneficially owned or exercised control or direction over 18,395,000 common shares of EHT and 12,450,000 common share purchase warrants of EHT, representing approximately 8.27% of the issued and outstanding common shares of EHT on a non-diluted basis and representing approximately 13.13% of the issued and outstanding shares of EHT, assuming the exercise of all common share purchase warrants that Mr. Matthews beneficially owned or exercised control or direction over.
Immediately after the transaction described herein, Mr. Matthews beneficially owns or exercises control or direction over 21,395,000 common shares of EHT and 13,950,000 common share purchase warrants of EHT, representing approximately 9.49% of the issued and outstanding common shares of EHT on a non-diluted basis and representing approximately 14.77% of the issued and outstanding shares of EHT, assuming the exercise of all common share purchase warrants that Mr. Matthews beneficially owns or exercises control or direction over.
The securities described herein were acquired by Mr. Matthews for investment purposes. Mr. Matthews may increase or decrease his investment, directly or indirectly, in securities of EHT from time to time, depending on market conditions or any other relevant factors.
EHT is located at 1110 Hansler Road, Welland, Ontario, L3C 7M5. Mr. Matthews is located at 200 King St. W., Suite 1702, Toronto, Ontario, M5H 3T4. A copy of the early warning report to which this news release relates can be obtained on the SEDAR profile of EHT at www.sedar.com.